Have you tried different headphones?
It could be that the EMI (electro magnetic interference) caused by lack of shielding and insulation on the motherboard causing it to emit a loud buzz.
You can also try:
Start-->control panel-->hardware and sound-->sound-->speakers/properties-->levels tab and disable the pc beep or as another poster said "My system doesn't have an option for "PC Beep" but I muted "CD Player" and "Microphone" and that did the trick. Thanks!".
Are you plugged into the front or back port of the PC?
Are you using realtek drivers?
Do you have all other audio devices disabled?
http://www.seobook.com/fix-humming-microphone-noise is another solution. Without more information its hard to diagnose.