could you load a video of this on youtube?
My best guess is that (being a laptop) the housing has warped just a bit, and so as it expands and shrinks from the heat then your fan is slightly running into things. So long as it is still pushing out air this is not particularly a problem, but is just annoying. However, the extra stress this is going to put on the fan will cause premature failure. I don't know if this means you have a week left, or several years left, that all depends on the type of fan that they used and how bad the problem is.
Either way this laptop is already a few years old, and these types of low end laptops are only meant to last 3-5 years anyways. I would start saving up for a replacement, and then whenever this...