Most people only realize this if they fill their drive.
On the older computers with 1, 2gb drives, they filled fast. An overfilled drive will cause a machine to barely crawl. Backup your data to a cdr, then delete it from the hdd, uninstall unecesary programs. Clean out all the temporary and junk files.
This utility will help with the latter.
CCleaner removes fixes registry issues, and cleans out all those temp files, and is very fast.
http://www.majorgeeks.com/download4191.html
This may be a dumb question but, can filling up your hard drive slow down your computer?

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