Possible IMS Bearing Failure. Please Confirm Video Noise!!!
 

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Please check out this video. This isn't actually my car, but my 2000 Boxster Base is making the same noise. Does this sound like an IMS bearing failure? If so, looks like I have my work cut out for me.

Porsche Boxster 987 2.7L IMS Noise? - YouTube

JRSvandal, I am no expert nor do I know what an IMS bearing sounds like when it is about to fail. My 2000 was making a similar noise when the engine fan backed out of its spindle and rattled in its cage. It was only when the temp was high enough to turn it on. The pin came out of it so reinstalled with epoxy and installed a pin in thru shaft. Hopefully thats what it is. I am sold on Prolong for longer engine life, the best in the market my f150 has 260,000 miles and runs like new, My 2000 Boxster has over 140,000 runs great bought it at 89,000 and not sure if IMS was changed out before. You have low 20's maybe not IMS. Good Luck

I can't speak to the noise, but it appears your steering wheel is on the wrong side!;)

It is difficult to impossible to listen to a sound clip and determine anything. If you think you may have an IMS bearing going bad, you need to:

1. Park the car an do not drive it or run it until you know for sure what is going on.
2. Have the car scanned with the Durametric system, a PST II, or a PIWIS looking at cam deviation values. If they are steady, the IMS is probably fine; if they are moving back and forth at idle, you have a problem.
3. Pull the oil filter and/or sump cover and look for metallic debris. If you find it in abundance, and it is ferrous (can be picked up by a magnet), the bearing is done.

You may want to check out the water pump. My '01 was making a similar noise and it turned out to be the bearing on the water pump. Pull the serpentine belt and see if there is any play in the pump pulley. Good luck.