could be...sometimes, you'll come across a compact mac, with a fan that is literally choked with dust...eye ball yer fan, and see if it's the original squirrel cage fan, ( which is noisy ) or the later SE'S, WITH THE box fans.
Also, floppy drives can make noize as well..
many early hard drives, fall victim to stick'em.....one possible solution is to pull the drive, shake it up, and see if that will 'free' it up..
chances are, you'll probably replace the hd, with something a tad bigger