For the fan noise, I'd run a program called CHC (centrino hardware control), it allows you to underclock and undervolt your processor which can make the fan turn on much less. For instance, I was able to decrease the idle voltage of my system to 0.7V @800MHz (Pentium M 1.83GHz), and since the T42 uses the earlier revision Pentium M, you should be able to get to an even lower idle voltage, since it uses a 4x multiplier instead of 6x, so your idle speed will be lower. With this setup the fan only kicks in every 20-30 minutes for a few minutes. I also took apart the heatsink and reapplied it with arctic silver, but I would only recommend this if you are very intrepid, or desperate, or both. That reduced my temps by about 7C.
Hard drive noise, well CHC allows you to have the hard drive completely stop spinning when not in use, as well as have muted seek noise, if it can enable the power management mode. Otherwise I guess you'd need to swap drives. Do you have the 7200RPM drive in your T42? I have only a 4200RPM, and it is very quiet, though not silent, and the speed is not as bad as I'd feared, coming from a desktop rig with a 15000RPM boot drive.