I currently have a server setup:

Lian Li V2100
2 x Opteron 148
Thermalright XP120 heatsinks
Panaflo M1A
6 x Hard Drives

My roommate complains about the noise level from my server. I'm pretty happy with the Panaflo M1A though but my roommate "shrew-ness" > Panaflo noise level. Therefore can anyone recommend something similar or better?

An ideal fan would be something that has an equivalent or better airflow ( stated as 86.5 CFM @ 2100 RPM ) but a bit more quiet?

It's very possible that it's your hard drives making all the noise, not the fan. Have you stopped it to check?

If you can fit two fans in there choose Scythe S-flex SFF21F (1600rpm,64CFM).

I dont think its the hard drives as the storage hard drives are WD4000YR's and the main drive is a Maxtor Atlas IV 15k. I havent done too much file I/O's as this computer was built recently.

1. No fan pushing 85 cfm will be quiet.
2. 15k rpm drives have the potential to be pretty nasty.
3. What's the power supply and how loud is it?

1) Fan newbie here but after going through some articles, it does seem that way. Added to that, I may need to add/replace some of the stock fans.

2) The Maxtor Atlas SCSI has been pretty good to me so far. I havent heard any noise from it, but then again the fans kind mask the noise.

3) Power supply is an: Enermax EG851AX-VH. Came highly recommended and I've found it to be pretty nice so far.

I decided to stick it into a closed enviornment, basically a huge cabinet. Had two small external fans blowing at it. Left it on for about 1/2 hour. Wasnt such a hot idea ( sorry couldnt resist the pun ). So now I'm basically thinking should I go with a quieter fan or a water cooling setup? But some of the water cooling setups can get pretty expensive and the pump and fan, from what I've read, can be loud too. Plus I'm not overclocking it. I just like it to run cool and reliable.