You need shared datastore to enable HA/DRS.
Hi
As stated in vSphere Documentations below, you would need a shared storage for HA & DRS.
vSphere 5.5 Documentation Center - vSphere HA Checklist
vSphere 5.5 Documentation Center - DRS Cluster Requirements
To ensure that any virtual machine can run on any host in the cluster, all hosts should have access to the same virtual machine networks and datastores.
Similarly, virtual machines must be located on shared, not local, storage otherwise they cannot be failed over in the case of a host failure.
Notes: you can perform a vMotion without shared storage if you have the license and meet the requirements here: vSphere 5.5 Documentation Center - Requirements and Limitations for vMotion Without Shared Storage
In addition to above comments ,
its not directly relevant to your questions but still worth to think.
if you go for 5.5 U1, you can leverage your local LUNs to form vSAN datastore and use HA as well as DRS with NO any issue. You need to have valid vSAN license.
vSAN is fully supported from ESXi 5.5U1 + VC 5.5U1