If I remember correctly my 4.6 was making the same noise, I haven't driven it in so long due to the timing chain guides failing...lol! I got rid of the noise by spraying down the steering shaft with some old Valvoline synthetic lubricant I bought years ago. Start the car and turn the wheel in quarter turns or have a friend turn it while you spray, especially the joint, noise was gone. I didn't use lithium spray grease, too messy, PB Blaster is good to use also, it has good staying power. I see you're in Sacramento, I live in Sac also...lol! I see you've been posting a lot, is the X starting to drive you nuts? Seems like a lot of 4.6 owners are posting a lot, guess the old girls are getting to the point where it just won't be cost effective to keep them, I've yet to decide if I want to fix mine or move on and get a Grand Cherokee SRT8.

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2002 X5 4.6is
1999 C5 Corvette
1992 Mitsubishi 3000GT VR-4
1994 Kawasaki ZX-9R
2005 Mazda 6 Wagon (Wife's)
1991 Mitsubishi 3000GT VR-4