Not with modern kit dude, with something based on the Intel Atom processor (most likely a D510), you can build an HTPC for around £250-300 that is pretty much silent and only needs a 100-150w power supply tops. The big spending area with them is the hard drives though,if you only need a single 2tb then it's not too bad, but any more than that and the cost soon ramps up.
The Atom D510 can be passively cooled too, so the only fan you need is in the power supply, but with a 150w power supply they can be passive too, so the only noise coming from it is the HDD.