The belt is not a standard rubber belt. It is ment to run dry. Can't be allowed to slip at all either. Very very important that it doesn't. I am actully not to sure yet if it is the belt itself or the housing around it. I have to look closer as I don't remember it being loud when I bought it. I need to make a good mounting base for the mill aswell. It has 4 bolt holes to hold it down. I think if I get some type of rubber lining under it and then bolt it to a good thick base is should remove a lot of the vibration noise. It actually doesn't make a lot of noise when cutting as long as the endmill is sharp and the feed rate is not going to fast.
Wish I wasn't on the top floor of my apartment building. Luckily I am on the end of the building and there is no more apts next to me on one side which is the same side the mill is in. Just have to worry about noise getting below. I will get working on it.