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Cut the ground wire to the fan. Get a SPDT switch. Solder the wire from the fan to the common (middle) lead. Then solder the ground wire going to the connector to one side and put a wire going to +5V on the other side. This is a 12V/7V switch.
You can also use a potentiometer, I recommend that in conjunction with a fixed resistor so you can't get down below the minimum voltage the fan requires, though. But the 7V/12V switch should be good enough...
But if your fan is generic and it came with the computer, your heatsink may very well suck too. If it's some crappy Al heatsink, then pick up like a Thermalright SK7 somewhere for cheap (assuming you're not doing EXTREME overclocking) and you can either pick up a new fan with it (recommended, get a ball bearing fan, yours is probably sleeve now) or do the 7V/12V mod on the old fan and reuse it.