Can I change the internal hard drive of my 24″ iMac?

Jack Waddington July 17, 2010
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I saw this item: Seagate 7200.11 ST31500341AS Barracuda Hard Drive – 1.5TB, 7200RPM, 32MB Cache, SATA-3G (OEM) selling for $79.99. Is it possible to exchange the current 500MB drive with this unit?