I've recorded the nose mine makes. (Recorded with my iPhone near the right side of the machine)
http://files.me.com/makentosh/pernlo.mov
While it makes this noise, the interface freezes. Sometimes it will make it two times in a row. I rarely move my laptop, so I don't THINK it's the sudden movement sensor. It can be sitting there while I'm surfing the web then "click, clack" and once it's done, I can use the computer again (the "freeze" lasts as long as the noise is being made, really short, but noticeable").
My last laptop made a noise like a ball dropping but, since it was always responsive even during those times, it didn't bother me. This one makes me think that there's something going wrong because the system is expecting data and the HD is going "NO, not until I finish my clackin' darn ya!"