Peugeot 206 - trouble with wheel bearings

Over the past number of weeks, i have noticed that the knocking on the drivers side wheel has increasingly become louder and more frequent. Naturally, it has to be an issue with worn down wheel bearings, but because im not a mechanic of any form, and i have rather basic ideas on how a car functions, i really am unaware of just how this will affect the car.
So, i have some questions, and i would appreciate some feedback, my first question is -
Will a worn down wheel bearing, which knocks when i do speeds between 30-50mph, seriously affect the car, and if so, does it present a serious risk?
Secondly, will i need a replacement bearing?
Thirdly, am i in any great danger now that im on the road with this problem?

Excuse the rushed feel of this message, as i am rather panicy about this problem, as i am due later on to do a 50 mile trip, and i need to get this issue solved asap.
 
So, i have some questions, and i would appreciate some feedback, my first question is -
Will a worn down wheel bearing, which knocks when i do speeds between 30-50mph, seriously affect the car, and if so, does it present a serious risk?
Secondly, will i need a replacement bearing?
Thirdly, am i in any great danger now that im on the road with this problem?

1.) if you don't fix it, it will eventyally break down when driving, which could lead into an accident. So yes, it does represent a risk.

2.) YES.

3.) since it has been going on for weeks, it's quite possible that the damage might have spreaded further. I suggest that you fix it ASAP. and great danger depends of what you define as danger, but i'd say that yes, you are in danger.
 
Although rare, a siezd wheel bearing is no laughing matter; it can be quite dangerous. I don't think re-packing the wheel bearing with grease is the issue (unless it's recommended by Peugeot, although that sounds odd for a front-driver). If the wheel bearing is the issue, then you need to remove the old one, and replace it.
 
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