I do it a lot in survival horror games. I'm playing through Amnesia right now and I'm constantly doing it to keep myself sane (irony).
Usual lines: "Oh shit, that doesn't sound good. Just stare at the corner until it goes away... Don't look for the noise... If I can't see it it can't see me... ignore it ignore it ignore it fuck fuck fuck!"
Yeah, whenever shit starts happening I try to ignore it and run to a corner and sit there, Blair Witch Style, until the noise stops. It's pretty funny when I'm playing it while my friends are in the room.