Like others, I agree that the noise from your hard drive suggests that it's 'on the way out'.
However, I'm curious as to why you choose to reformat your drive whenever you get the problems you refer to. Doing so deletes all of your data but it's usually possible to reinstall Windows on top of itself without losing any data (or installed software) at all.
To do an 'on top' installation of Windows, use a boot floppy to start your PC without Windows. Choose 'start with CD support'. Note the letter assigned to your CD drive. (It may well be different from normal. In most cases, it will be 'E'). Insert your Windows CD. Type E:setup, hit 'Return' and follow the instructions.
I've reinstalled Windows many times, using the 'on top' method. It almost invariably fixes any problems, while retaining all of the installed programs and data. (The only thing I usually need to do is to reinstall, or update, my anti-virus program).
Chris