Grrr.
I received my replacement air yesterday. No screws have fell out of this one so far, but it did make the screeching noise, for about 30 seconds when i first turned it on.
It is most definitely NOT the hard drive. The noise is coming from the speaker. Next time it does it. stick your ear on the keyboard near the enter key, listen for a while and then stick you head on the underside of the machine in the same kinda place. On the keyboard side you will just hear the speaker making the screeching / popping / scratching noise. On the back side, you here the same noise, muted, and you can very quietly hear the HD spinning, seeking, doing what it normally does.
It hasn't done it since, and i used it for about 6 hours last night, restoring my time machine image from the old machine and working on some files.