In the event of a hard drive failure, the best recovery will always be a good backup. However, lacking a good backup, the next step would be to attempt recovering the files that would have been lost due to the hard drive failure.
Once you have cleaned up your computer from malicious software such as viruses, spyware and adware and have cleaned up the "garbage" floating on your computer, it is time to back it up. Why? Because your hard drive will eventually fail and you'd be a lot happier if you could restore from a backup copy rather than have to create everything from scratch. You're going to have to trust me on this, as I have been through it myself... more than once!