Silently adjust sound volume level by holding down the Shift key
You can adjust your Mac’s sound volume level silently by holding down the Shift key and then pressing the volume up or volume down keys. This is really handy when you’re in a quiet office or library and don’t want the beep sounds blaring as you adjust system volume.
This tip was submitted to us by Fashion Photographer Ashley Cameron, thank you Ashley! If you have any tip submissions, feel free to send them to us at osxdaily.com@gmail.com

Neat!
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Works in 10.4.11 too
Hm… It works for me other way. When I press Shift and volume key, it beeps with “bubbling” sound on 10.6.2.
Sometimes the least non-mute audio level is even too loud (ie. in a tent or at night around sleeping people). Then you want to have even finer control on the volume. Press shift+option+volumekey to have every audiovolume’block’ split in four smaller blocks that are selectable.
@Telly
Thanks.
I actually found out that Option+Volumekey brings up the Sound prefs panel, which is very handy =)
Go to System Preferences > Sound & you can silence the audio volume squeak permanently, see the checkbox
Cheers !