It sounds like the belt. Have you checked to make sure it is tight? Also, make sure nothing is leaking on to it like coolant, oil. Finally, to confirm my theory, start the engine. When it is making the noise, open the hood and pour a little water on the belt to see if the noise changes. If it does, it's the belt.
NOTE: Make sure to wear eye protection and old clothes. Water may fling up at you.
Let me know what you find.
Joe
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Tuesday, February 2nd, 2010 AT 3:40 PM