What kind of video card do you have, and what CPU? If it is one that draws a lot of power, then yes, it is definately possible for a supply to make more noise under heavy loads, although most decently-quality ones will not. (Although they will adjust fan speeds upwards, because temps inside the PSU will rise, because the regulators are supplying more power.) So the noise could either be the PSU fans, or some component of the PSU circuitry itself, either an inductor or a transformer. Sometimes those will resonate or "hum" under heavy loads.
I'm not familiar with "HI-PRO", sounds like just another generic supply to me, so if you are concerned, then replacing it might not be a bad idea, especially if the current noise issue bothers you. Overclocking performance, OTOH, can be limited by many things, power just one among them, so no guarantees there, just as UsandThem said.