Short answer is yes.

If your living around these server power supply fans, they become the ambient noise level. They are essentially about as loud as a hair dryer on low. Sitting out in the living room, in the middle of theday, with general noise around I started one up. I thought it wasn't too bad, definitely noticeable, but not too bad. Get them running for a while, and its not really that great as an example, to sleep near.

I set mine up in the basement with a bunch of vibration absorbing rubber material. With that, I cant hear them.