Since it gets power but won’t boot, I’m guessing it’s a drive issue (fans can make loud static-y noises but don’t typically keep your machine from starting up; processors can whine too but that probably wouldn’t be called static). Assuming that… If there’s a clicking sound mixed in with the static you’re probably screwed (this would probably be a click of death, which is usually a head issue and, while professionally recoverable, very expensive). However if you don’t hear a click in there it might just (read: still screwed but the fix might not cost more than a new system) be a bad bearing which means you might still be able to get your data back with a service; cost in either situation will in large part depend on how much data you get back. Regardless it’s probably worth having someone take a listen and make a “in person” diagnosis just in case it’s not a drive. In the end if you wind up getting a new mac (or a new drive for your old one) get a back up drive for it, for a little extra cash up front and a few minutes of background processing a day you’ll save yourself a lot of grief.
Oh, if your drive isn’t dead, you can try getting to it with target disk mode if you’ve got another machine handy.