Of course, every bad grade hurts your GPA. But really, the most important high school years are sophomore and junior years (10 & 11). Yes, the colleges look are your combined, cumalitive GPA, but they also look at your: rank in class, SAT/ACT scores, SAT II scores, and extracurricular activities. Make sure you don't do anything dumb like get in a fight because that will hurt you also. If you mess up first semester and do well second, that will look like an improvement to the college application readers, but also it hurts your overall GPA. So actually you should aim to get a perfect GPA for every semester. Colleges look at your average GPA and it will look good on your records if you can actually bring your grades up that fast.
Most likely you can still go to college since the colleges look at other things. Don't get discouraged by an early failure. You just need to raise your grades back up.