I really meant it when I said the fan noise was deafening. I compared a friend's fat Xbox and it was no where near as loud as mine. I ended up pulling a multimeter and read 11.91V from that fan connection.
Looking around for various 12V fan mods online, I found the culprit sitting on the backside of the logic board. I undid this mod. It is now much quieter.
While I had the box open, I cut a hole on the side with a dremel and I added an extra 120mm fan I had lying around. It should help with cooling, but I might add a resistor on the fan as it is now louder than the silenced stock xbox fans.
There are other wires running along the logic board that I found no documentation about online which are from either from a repair or a modchip, but I found no modchip attached to the logic board. Can anyone chime in?