I tried this mod a few days ago with a couple of cheap ebuyer fans. It works well - the fans were silent but my case was still hot (it's probably cos I've got a XP 2100+ Palomino which runs close to 55 degrees when idle).
Anyway the instructions say to plug into a HD or CD-ROM so it can absorbe the extra voltage - well here's a little tip: When it is plugged into a hard drive (in my case). Make sure all the power is turned off whenever you are fiddling with the machine. I unplugged one of my fans (left the molex connector in the hdd but took the clip off the fan) and when I was putting the case side back on it touched the connector and shorted the circut and fried my hard drive