Hans-Joachim, thankyou!
Your information regarding the Seagate drive was very important in helping me replace my drive for a much quieter Western Digital. I'll tell you the whole story ...
I got my local apple repair guy to order a new drive. Unfortunately he could not choose which make of drive would be sent out to him - it could be another Seagate, a Maxtor or a Western Digital. After hearing this I decided to ask him to go ahead and order the drive and in the meantime I decided to take the iMac up to the London Regent Street store. On arrival at the store it was indeed difficult to hear the problematic static noise. However the guy (to my surprise) did say he could hear the problem (so there was no need for me to demand to be taken to a studio for a proper listen ;p). I made the front-line Genius Bar technician go get his manager for a proper chat about the whole issue (like another member on this thread - David Feliciano - I too printed the thread out and waved the issue in front of everyones' nose). The manager assured me that most of the drives make this noise. I argued that I could not hear anything on the Maxtor drives (which were installed on all the iMac's on display downstairs in the Store). He said perhaps they were quieter, however he would not personally want a Maxtor in his Mac. I agreed with him on this, I have always heard good things about Seagate (from a music recording perspective), until now. He said the Seagate and the Western Digital were the more reliable drives.
It would have taken the Apple Store a full 7 days to get the new drive in and install it in my machine. Since my on order drive was due in that day (this was Yesterday in fact), I rang to see if my friendly Apple repairman had received it. Yes he had, and it was Western Digital! I told the Apple Store that I would sort the problem out myself, asked them to look after the Mac till the evening, and explored London for the rest of the day!
Today I took the iMac to our friendly repairman and he fitted the drive by the end of the day. I'm typing from it now and there is certainly much less noise than before. You can still hear it, but it is hardly annoying (less than half what it was before I'd say).
To anyone with this problem my advice would be to get someone to order a new drive in for you, and then if it is Western Digital, go ahead and hope that it works for you too. If it is not, keep giving it back to your repairman till you strike lucky!
Best
Dave
iMac Intel 17', 1.83, 1Gb, 160Gb, 128 (Video) Mac OS X (10.4.6) emi 62m, Logic Pro 7.2
Powermac G4, 400MHz, 256, 18Gb