Frances, my first guess would be an internal cooling fan. Normally, most computers that are sleeping don't generate too much heat, but it's possible that you're machine is getting just warm enough on the circuit boards that the heat sensor is turning the little fan on.
Now someone may come along and know it there actually is a cooling fan in your particular version of the iMac, but that would be the first thing I'd think of!
HTH,
Chris K