Look in /var/log for the newest log files and "tail" the newest one:
to list the files in the log directory in reverse time order, the last file is
newest. Suppose that file is "logfile", then monitor it via tail -f:
tail -f /var/log/logfile
and see if you get a warning or error message over and over.
If that doesn't show anything obvious, install the sysstat package
and use the iostat tool that's in it to prove to yourself that
there are actually blocks being read and written to disk. It's possible
the drive light is just smartd constantly querying the drive for
health info (that's only an explanation if you're only imagining the
drive sound).