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What you are hearing is gear noise. Generally it's from the ring and pinion being set up improperly. Sometimes it can just be annoying, other times it can be chewing it self up badly. The only way to know is to pull the rear differential cover and look at the wear on the ring gear. If the gears are sharp, you have a problem and failure is immenent. Also, you should not be able to rock the ring gear back and fourth (much). It should just be enough for you to know it moved a slight bit. Anyway, hope that helps. But there is one other thing I wanted to ask. Are you sure it's the rear end? I used to have a 84 ranger with a five speed. I put gear oil in the tranny instead of ATF and after about 20k it would howl like a wolf. And I mean loud. If yours is a standard, check the tranny fluid. If it is gear oil in it, the damage is done. All you can do is fill it up with the right fluid and run her till she busts.
Get it checked! My Dad has a 2000 350 PSD and his started whining but he just kept on driving it. He ended up having to have most of the rear re-done - so sometimes it pays to be safe! He only had 40,000 miles on his truck when the rear went.