Its your graphics card mate. I'm 99.9999% positive.
The bad news is that the card is working properly, and even if you got a replacement, it would sound the same. There was another thread posted recently by the way, where people are talking about the same thing. Heres a link to that thread:
http://forums.hexus.net/showthread.php?t=119968
I put my reply on page two, which talks about me having the same issue for over 9 months. (I bought my 8800GTX last Christmas). I also put a link to a thread on another forum, where I was reading about this issue several months ago. At the time, nobody knew what it was, and everyone was suspicious of the suggestion that it was the graphics card. But the thread eventually got onto the right track, and people accepted the fact that 8800GTX's are just noisy little buggers.
There are probably much more recently discussions about it on the internet though, but I just happened to still have that link bookmarked. Its one of the few issues I have with my PC, that I don't bother reading about anymore, because I've just accepted it. I'm not happy about it though, because its a very annoying noise, and its not actually that quiet. I can hear it clearly as long as there is no music playing loudly. There is a possibility that eventually, someone might come up with a ghetto solution for it.