Probably. However I was having very similar problems to those Nita describes, but with the CPU cooling fan. I dismounted it from the heat sink, added a drop or two of Remington brand gun oil (it was handy :) ) and Its been mostly quiet ever since, about 2 months or so. I'd oiled it once or twice before without removing it from the heat sink, but I don't think I got the oil onto the fan shaft very well, as it only helped for a week or two that time.
Getting the fan off of the heat sink was trickey though.