Agree with Bob..
That noise is the dreaded WD drive triple death click. Apple swapped from Hitachi in Gen1 which I have yet to see a dead one.. probably the best drive they ever used.. runs hot as .. well that place you don't want to go to.. to WD blacks.. supposedly a good drive but I don't trust WDs.. and they are dying in numbers.
Apple moved in the next gen to Green drives which are a lot better heat wise.. the problem with Gen1 and 2 is the overheat which is dramatic.
That will have affected the power supply and so it depends on your DIY ability.
The cost of power supply repair diy is a few dollars worth of capacitors and a couple of hours of work.. but you need to unwrap the supply and solder in new caps.. I do not recommend it to the novice..
See instructions here. https://sites.google.com/site/lapastenague/a-deconstruction-of-routers-and-modem s/apple-time-capsule-repair/apple-time-capsule-repair-type2
Then you also need a new drive.. there is no fix for that dead WD. A 2TB green is the obvious choice.
If you need to buy a new drive plus a power supply kit, the cost is already a fair wack of the new version which is faster and better made.
You can however sell the old shell on ebay.. even dead ones are worth money for parts..
And you can pull out the hard drive and just use it as Airport Extreme for the time being. Even if the power supply fails the repair to just get board working .. albeit rough is just a 5v power supply and soldering a few wires.. you could even use a connector strip and not solder at all.