Actually, doing some googling showed that a 3db increase is 2times the intensity of sound. I was right.
a huge 250mm fan will definately help reduce the sound, but make sure you test it out first. Its not a standard size, so getting a replacement will be hard, and not many cases will take 250mm fans. Seems like an overkill if you're not into overclocking and stuff, and just into making your PC less noisy.
And yes, I forgot to mention you can get fan speed controllers. These are great for reducing noise when you don't want it, yet gives you the option of better cooling when you need it (when you're gaming maybe?). You just connect the fans into this nifty item, and there's knobs for you to twist and turn to control fan speeds.
As I mentioned, some PSU's make alot of noise, I've got a couple which really irritates me. I personally changed the fans (voiding the warranty), but I don't recommend something like that cos you're really messing around with the internals of the PSU.
Not yet mentioned: HDDs can generate alot of noise as well, but you can't really do anything about this other than getting an enclosure for it (will take up 5.25" bay) or replacing it. not sure about the efficacy of enclosures, plus it may increase the temp of your HDD, and some come with 40mm fans (and as mentioned, the smaller a fan is, the louder they tend to be).
I've always wanted to know for sure, but I suspect that alot of low volume fans put together can still generate alot of noise. I'm waiting for my friend to finish his degree in engineering to ask him about this