I have SSD only 27" 2011 iMac. First thing check if your friend's imac is the 2010 model because it's a bit less noisy because the Optical Drive Fan spins 150rpm less than the 2011 imacs. Mine is silent but not inaudible, neither a fanless pc with ssd is inaudible because the PSU and other electrical things (also the led/inverter/emi filter etc..) makes noise, also in a 100k $ audiophile setup there is some noise from the amps an the S/N.
In my bedroom there's also a Mitsubishi AC and it's rated to 21DB at idle and if I turn on it I can't listen the iMac so the imac's 18db are true but if i close the AC i can listen the imac, it makes a low "ffffrrr" from the right side (where is the Optical D Fan) and the PSU/monitor make a soft mmmmhhhhh. These sounds are normal sound, also my iPhone makes at almost inaudible fffzzzz sound when the display is on if i put my ear close to it!
Yes the hard drive is very noisy to my ear, infact for my files i'm using a lot of USB pen drives (64-128gb)

but for the backup i must turn on the External HD and the ffffffffzzzz tzktzktzk it's very annoying
About the imacs, every model increase the noise, the all plastic imacs are very silent, the rear black a bit less, the 2009-2010 imacs are a big jump in the noise level and the 2011 imacs are up than the 2010 due to the default speed of one fan increase (i don't know why).
Other things are the enviroment (in a small and enpty room even close to a wall or a cross it is more audible) and any guy can listen in a different "quality" also the stress/age/glasses etc.. make differences in the audible sound!
Hi and sorry for my english.