Doesn't sound like bearings - they would have to be beyond destroyed to have enough play on them to make that sort of noise. Mine where droning like a bomber but had zero play. Races were badly pitted in a couple of places but the bearing was otherwise in pretty decent condition overall. But still toast.

The play in the wheels is odd - kinda points to the bearings, I'd have to agree. Can't hurt to replace them (except fiscally).

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Wayne
2005 BMW X5 3.0d (b 02/05)
2001 BMW F650GS Dakar (b 06/01)