Hard drives don't "beep" in the same sense as diagnostic beeps generated by the BIOS chip on a motherboard, but they can make a sound that has often been described as a beep, and it's almost always a sign that the drive has failed.
However, test it first to be absolutely sure. You will need to test it with Windows software as opposed to DOS (bootable CD) software, since DOS versions cannot detect external drives which connect via USB or Firewire.
Your drive manufacture may have it's own Windows diagnostic software which should be used where possible. See the links here: http://www.tacktech.com/display.cfm?ttid=287
Or you can test it with SeaTools for Windows which can test any brand.
(click "Downloads" on this page): http://www.seagate.com/support/downloads/seatools/