C.O.
Ahhh, the screech. I'm sorry to tell you that my 14-month-old still does it for attention, and attention or distraction is the only way to get it to stop.
My son usually wants a silly reaction (a funny face, goofy dance, sound effects) so he can get a good laugh and move on. If I'm not in the mood to make a fool of myself, I'll ask him where his ball is (his favorite toy), give him a book to look at, or turn on some fun music (he loves Who Let The Dogs Out by Baha Men).
Honestly, I think they just do it because they're bored and want to see, hear, or do something different and interesting.