Noise and fluctuations are ubiquitous in living systems. Still, the interaction between complex biochemical regulatory systems and the inherent fluctuations ('noise') is only poorly understood. As a paradigmatic example, we study the implications of noise on a recently proposed model of the eukaryotic cell cycle, representing a complex network of interactions between several genes and proteins. The purpose of this work is twofold: First, we show that the inclusion of noise into the description of the system accounts for several recent experimental findings, as e.g. the existence of quantized cycle times in wee1- cdc25delta double-mutant cells of fission yeast. In the main part, we then focus on more general aspects of the interplay between noise and the dynamics of the system. In particular, we demonstrate that a stochastic description leads to qualitative changes in the dynamics, such as the emergence of noise-induced oscillations. These findings will be discussed in the light of an ongoing debate on models of cell division as limit-cycle oscillators versus checkpoint mechanisms.