Update
 

While driving under hard acceleration noise stops. As soon as you let off the throttle just a little. noise comes right back.

Is the chassis moving up transferring weight to the back?

hey sorry i have updated in a few days. there is some rear squat on hard accel but its quite minimal. i went to the local u pull it and got a nice and clean axle. the old axles boots were tore on both ends and after driving in rain, i poured some water out of the inner boot. its been repaired. i took the opportunity to play with the bearing. not good. it has one spot in it the has that growl ive been looking for. so for sure its a f*&Ked up wheel bearing. ill pull the knuckle and have a shop press new bearings in.

i do have one final question, what is the likliehood that i will have to replace the hub? the bearings are not so bad as to have any 12/6 play whatsoever.

Unless the bearing seized up and the hub started rotating inside the race (you would know this!) the hub should be OK.

Please be aware this is not an isolated incident. I brought my car in 2010 - 2009 Camry and informed before purchase it was just the wheels and the road and I had to replace the front driver side wheel bearing in April 2011 & I am now having to replace the front passenger side bearing now. I reported it and you can to at (800) 331-4331 #4 I am trying to let as many people know of this issue for this could be dangerous if that tire comes off.