Like Zach mentioned - shouldn't be any noise problem with newer hard-disks, though older machines are known to be quite "noise-makers", but if your running PJ64, then you should have a PIII or higher, so shouldn't be a problem as it should run a lot quieter. If there's that much noise coming from your PC, the only thing I can think of is that your CPU is running a quite bit hard, maybe "lessing" up some "un-needed" applications might help as they run that power-supply's fan of yours harder to keep up with the speed and temperature...
About the beeping... could be anything. A BIOs reading error, over-heating, or maybe a loose plug in the back of your PC...

As for hard-drive failure... they never let you know when they just "had it" as they just don't start-up the next boot. Internal hard-drives are probably best, but if your using it just for storage, try getting a thumb-drive or flash drive to horde those files of yours - hence being much cheaper and reliable...
