I have a 32X (NTSC-U VA0) that makes a really annoying high pitched noise when powered on, the noise comes from the unit itself and also from the speakers. I took it apart to try and figure out what was causing the problem and haven't had much luck. It seems to get much quieter when I remove the metal shielding but even then it is still loud coming out from the speakers. From information I've gathered from the fellows over at the SEGA-16 forums I'm pretty sure it has to do with the power inductor (the metal coil thing on the right side of the board) but am not positive.
There might be a contaminant in/on one of the pathways for the audio output jack on the back of the 32x. Iirc the 32x does do some audio processing, but most of that is in the main system.
It has to be something with or related to the audio as there are no moving parts in the system. Have you tried playing any games and seeing how it effects the audio from the game?
The sounds from the games themselves are not effected, and seem to be working fine. The high pitched noise is heard 'on top of' the regular sounds from the game.
1. Component failing. Capacitors are often known to eminate a high pitched shrill noise when failing.
2. AC adaptor isn't working properly and is overvolting and/or over amping. This can cause the inductor coil(s) to resonante beyond their rated frequency.
3. What Macabre said. Blow it out with an air compressor or one of those cans of compressed inhert gas specifically for use on electronics.