Finally, I've found people who have the same problem. I'm on my temp computer because I'm waiting on an RMA processor. Anyway the DiamondMax9 120GB Maxtor is laying outside of the tower. By accident, a stack of CDs fell on it as I was watching an avi sub from that drive. I quickly turn off the computer and make sure everything is correctly working. Then I power up again and I hear that exact same noise that you recorded. Moreover, I notice that the drive is not even spinning.
The drive is still under warranty but I have some very valuable fansubs on it that took me a while to collect, is there way a I could recover them and THEN send it in to Maxtor?