Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
It definitely sounds a lot like a bad bearing, but, spinning hard drives have bearings too. I've heard many an old hard drive with worn bearings make noises like that. Also, it's unlikely Apple Hardware test will show up any error messages on a bad had drive bearing... as long as the disk is spinning and can read and write data, this is one thing SMART diagnostics won't pick up on until it fails completely.

In any case, if it's under warranty, get it checked out. Bad bearings on either a fan or HD are not a good thing.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.