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Well, turns out things aren't as bad as they seem. Got a friend over for a sanity check, and he noticed the fan wobbling a bit. Turns out that the wobble coincides with the noise. Checked things out a bit more, and sure enough, the water pump is starting to leak a bit of fluid.
Looks like the bearings are worn in the water pump, which is likely causing the sound. Will be replacing the water pump right soon.
Thanks for the replies! Glad to find out it's not terminal. Then again, it would let me go ahead and do that turbo swap :)
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