It used to kind of bug me, but after a few years I got used to it, and now if I don't hear it the first few days of the fermentation then I'm on the case to see what's wrong with the batch, hehe. I've even taught my daughter to keep an eye on the airlock and let me know if there's a problem.
As far as making the sound lower, if you've got a fridge to lager in, the fridge will insulate the sound. If you don't, the above suggestions are good ones, but remember, the more you wrap that bucket up, the higher the temp is going to go.
~r~