I'm thinking i could live with a little less cpu speed and just trade my processor for a slower one.
Given you are in hot Columbia
, this basic approach is probably not bad. What's your room temp? Anywhere close to 30C? If higher, there's no way normal air cooling will cut it AND give you quiet. You probably have to move to water cooling and move the radiator far enough away so that the fan noise doesn't get you. Some pumps are supposed to be pretty quiet.
The alternative to replacing your CPU is to unlock it and then underclock and undervolt it -- keep the same 133 MHz bus speed but use a smaller multiplier so you get the benefit of fast bus speed even at lower CPU speed. See articles about this in Mods & Projects on the main site.
Dopes your motherboard let you use LOWER CPU core voltages? If not, you're out of luck.