Yeah, I had a friend at work shut off my motor and it sure sounded like it was coming from the fan area.  I sprayed some WD-40 but it still makes the sound...I'm going to do some more research as soon as the friggin wet weather stops.

You could temporarily remove the fan & clutch assembly and see if the noise goes with it.

If you need a clutch, check eBay first.  I just sold my clutch/fan assembly for less that $20 (I think, can't remember for sure, it's been a while, but it was pretty cheap).  I put on an electric fan in a futile attempt to gain some HP & MPG -- nothing noticeable.  But, I do like the electric fan setup and it only cost me about $50-$60.