No, probably not as simple as power down, swap disks, power up.
Presumably the old disk has something important on it, and the system isn't going to work
with a new disk that is blank.
If the disk is a boot disk for the system service processor, you will have to
restore from backup (hope you have one!) or reinstall the SiCortex software from the DVDs, by
following the System Admin guide.
If the disk is other storage, the system will likely start up, at least if you
take the extra disks out of the configuration and boot scripts. but you will still have
to restore whatever data was on it, or recreate an empty file system.
If the disk was part of a RAID set, then yes, the system could in principle automatically deal
with the new disk, provided everything was configured right in the first place, but if that
were true, you wouldn't have a non-working machine in the first place.
The community might be able to offer more help if you can say which disk is bad and how you
know that (boot error messages? or what?).
-Larry