If you have your data on the F: drive, give the default install option a try. However, if you have data you want to recover from the drive, this operation may overwrite the drive and you would lose the data. I have no way of knowing what this particular machine is going to do with this option.
A quick check to see which drive is making the noise would be to disconnect the power cable from the F: drive and power up. If you still have the noise, it's the C: drive.
Your best option may still be to buy a new hard drive to install windows on. I picked up a 160GB Western Digital drive at Staples a few days ago for $70.00.