Yes, the seek noise is quiet (as long as the seeks are contiguous as opposed to random). The click-squeak noise you are hearing, almost like there is a damn trapped bird cheeping inside the laptop, is the disk parking itself to save power. I found it unbearably annoying.
The time out on seagates (and 90% of others, except as far as I remember, Fujitsu) is 5 seconds which is simply insane... The whole thing makes no sense - it should be the OS which parks the disk given that the OS knows when the last access was....
You can use an APM utility like
hdparm to set APM to 254 ("hdparm -B 254 hda"). Google it - there is a lot of traffic on this topic.
Setting APM to 254 will prevent the disk parking. However, the Seagates then proceed to do something else called "STIR" - seek to improve reliability. Essentially, the thing wil start seeking all the time.... It's a log better than the park noise though. Personally I've just ordered a Samsung HM121HI and I'll see how that goes....
(I'm tempted to buy a 16GB Mtron SSD at this stage. From the US of course. European prices are just stupid - €300 for that drive)