You can't repair the drive that you are booted to, with Disk Utility.
Boot to your installer/restore DVD
Run Disk Utility from the Utilities (or the Installer menu, depending on which version you have)
There you will be able to choose the Repair button.
If the repair completes, be sure to try that repair a second time, just to make sure that no other errors are present.
If you still get errors, especially the 'underlying task reported failure on exit', you should consider having the hard drive replaced.