Following the advice of silent PC review website I was able to build what I think is a completely silent HTPC without breaking the bank. Sure if you stick a hyper-sensitive mike inside you may pick up something but to my ears it is silent, so much so that I forget to turn it off sometimes, even at night I can't tell when it is on without looking at it.
Here is the component list:
Case Raidmax R1 ATX from FRY's, kind of el cheapo case but it looks good enough. $50 or so.
Motherboard E7AUM-DS2H with integraded Nvidia 4900 graphics -$110 I think.
Nexus Value 450 power supply - $80 This upgrade made a humongous difference, it went let's say 80% silent afterwards. I absolutely love this power supply. I am surprised few retailers carry it, FRY's doesn't.
Scythe 120mm PWM motherboard control fan -$10 This reduced noise another 10%
And finally a new green series WD hard drive - Another 10% noise reduction.
The CPU cooler is stock.
The other 2 factors I think make this PC silent are:
The low heat CPU, intel E5200 rated at 65W with its motherboard controlled stock fan. Low heat means low RPMs.
The Nvidia 4900 motherboard integrated graphics, no graphics card means less heat, more case air flow and specially no graphics cpu fan, those are notoriously noisy
Like I said this thing is very silent, I have a samsung blu ray player next to it and I can hear its fan instead of the HTPC. I have a full home theater system so this HTPC really is used for videos, movies and the like with an AV receiver and the whole works.
Hope this helps
Franke46