I bought an Addtronics 7896a (same as the Supermicro you got, just different brand name) from Jim a little while ago.
Did the case come with a 120mm fan on the bottom front? I think that might be the culprit, as the powersupply fan *should* be temperature sensitive, meaning it goes faster/louder when it needs to and slower/quiter when it doesn't.
you can try swapping the PS but i don't think that would help too much.
If you have any other fans in there, i would check their specs first. If you decide to change any of them i'd recommend getting Panaflo's as replacements, but they're a little pricy. If fans ~30db are okay for you, you can get generic 92mm taiwan fans on e-bay for about 2 bucks each, including shipping. 92 mm panaflos usually end up around 12 bucks each, *not* including shipping.