Something is clicking in my macbook

There is a clicking sound coming from the lower right side across from the trackpad. What could it be?

That's where your hard drive is located.

Can you describe the clicking?

second that

Its a single click, it seems to happen in 10-15 second intervals.

Not an expert, but if it happens despite you accessing anything, hard drive failure could be imminent. I'd make sure you have backups of everything at the very least, even if this is not the case

I just got it for Christmas. How could it be failing already?

Initial failure rates from all the major drive manufacturers nowadays is very small (well under 1%), but it does happen. Even apple is going to have some hardware issues, same as a PC. Unfortunately, someone gets those drives. Have seen them give their last gasp and refuse to boot very shortly after the initial clicking noises and have had them last for several weeks.

But, mostly have learned to stop whatever I'm doing and immediately backup the drive and replace it the same day if it is a critical drive.
Since it is new, would call apple support at first chance. Just got mine also, have called them twice already, compared to other tech sources, they have been quick to come on the line, and have seemed to be genuine in their attempts at resolving issues.

You might just have that one in a thousand or so that passes all the testing then fails due to being bumped in transit. If there is an Apple store near you, take it in and tell them what the fault is and they should replace the drive and copy all the data across for you.