my previous system sounded a bit like a vacuum cleaner.
So did mine -- with my latest upgrade I pretty much went low-noise wherever I could. high-efficiency PSU with a large thermal controlled fan, antec solo case with sound dampening paneling, suspension-mounts for HD's and a large tri-cool case fan at its lowest setting. A good Thermaltake speed-controlled CPU fan (which typically runs at ~350rpm) with arctic silver thermal paste, a fanless X1650XT PCIe video adapter, two quiet 500GB samsung HD's, etc. The difference is night and day -- the old one sounded like a jet engine, while the current one is almost completely silent even though it's just two feet away from me.
At 350 RPM my CPU fan manages to keep the temp of my Core 2 Duo E6600 (2x2.4GHz) at 42C. If I force it to its max speed (~2700RPM) the temperature drops to 29C, but it it's definitely audiable then.
Yes, it's more expensive to pick the quiet parts, but it's
so worth it... I currently have my old 600MHz laptop running on the other side of the room, and it's making a whole lot more noise than my desktop does.