I can hear my turbo -- a wooosh sound.

The fan is powered by an electric motor. Is it on all the time?
Mine does not come on that often.

http://www.volvospeed.com/bay13.htm has bulb replacement steps
for center console.

Regarding the turbo sound, yes, sure this is normal. I definately get it in mine. You can hear the whistle under normal driving usually coming in just before the boost guage comes into the white section.
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245GL 370,000km, 850R 175,000km

If this is your first brick, welcome. I saw the pics, thats a nice T5, i like the wheels better than the normal turbo ones (however volans are still tops in my book). There are lights under the shifter, they aren't to difficult to change, and i'm fairly sure there was a recent post on how to change them/how to make them last forever (running @ 90% brilliance or something like that). I have a N/A but have heard the turbo's make a little noise. In regards to the fan, depends on how loud it squeaks, are you sure its not your cabin blower?