Yeah, something most people know is that the motherboard/speaker have beeping codes to identify the problem. If its a long, continuous beeping, it might be some of the RAM failing... or a part of the RAM (if there is only one stick). It could be the hard drive, but if its making that kind of noise... your in trouble...
As for the fan, if there is only one fan, then it is the processor fan and does need to be fixed. If it is just an intake fan to cool the system, well, it should be fixed/replaced. But as long as you don't have it on a surface that absorbs and retains heat, it should not be that big of an issue right now if you are not doing anything heavy.
The laptop should be fixed, but I do agree its not going to do a whole lot.