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You may want to apply the latest BIOS/Firmware to make the fans work properly You may also want to make sure the fans are connected to the correct fan headers. Your P4308XXMHEN comes with two fixed fans, and they should go to System Fan 1 & 2.
As for the beeps, those are expected when initializing USB devices. Nothing to worry.
I had already applied the latest BIOS/Firmware update but I did it again anyway.
I also set the BIOS setting "Set Fan Profile" to Acoustic and the "Quit Fan Idle Mode" to Enable.
I proceeded and installed windows after doing the BIOS upgrade again and the fans did settle down.
Your information about the beeping was good and the fact that sometimes I had a USB stick plugged in explained why sometimes I was getting OxxO and other times OxxxO. I originally thought that no matter what happened with the fans the beeping was indicating an underlying problem.
Anyway, all is good now, but if you have anything to add I will be happy to hear it.