I think you should figure out whether it's the drive or the case that is causing the problem.
The first thing you need to do is figure out whether it's an ATA or an SATA drive in there - because they take different enclosures and if it's SATA you can simply test it in your G5. So - take the Ultramax drive enclosure apart. ATA has a big connector that fits over a whole bunch of pins. SATA has a much smaller connector that fits in a slot about 3/4" to an inch wide, with a power connector that fits in another narrower slot next to it. (And the drive will have info on it that you can look up - a make and model number) Your G5 takes SATA drives, so if it's SATA, you can pop it in there and see if it works ok. And you can (temporarily) take your boot drive out of your G5 and put it in the external case to see if it still makes noises.
Is it like this one but without the FW?
http://store.iomega.com/section?referrer=m...amp;secid=40460If so, it's probably like the 3 cases I have that are all similar; there are 4-6 screws on the bottom that need to be removed and then the inner part of the case just slides out. Then there will be another 4 screws holding the HD in the case. Dead easy to remove. And it's a nice case - so if it's the HD and not the case, you can always use it for another HD.

Cheaper than buying a new assembled drive, although FW would be nice.