I know this thread's half dead, but... just because it needs to be seen:
http://www.colour9.com/gallery/view_album.php?set_albumName=album17
http://www.colour9.com/gallery/view_album.php?set_albumName=album98
...this is how you make a very, very quiet PC. I've got it down to one fan (in the power supply), everything else is passively cooled by the big wrought-copper radiator.
It's not the most economical solution (the labour time alone makes it shockingly expensive), but then I've always preferred over-engineering wherever possible :-)
Oh, and I've also water-cooled my server box:
http://www.colour9.com/gallery/view_album.php?set_albumName=album96
Now I just need to find a way of squeezing the pipework into a mini-ITX case and I can water-cool my MythTV setup...
Gavin