Transfer case/cv shaft splines imminent failure

[BMC530i]

03 X5 3.0 60K

While driving today I've heard loud grinding/crunching metallic sound coming from underneath the car, additionally the engine revved but the car barely moved forward. I immediately pulled over and shut the car off. Looked underneath and did not notice anything unusual. I started the car again and things seemed be back to normal. The car accelerated fine without any noises.

I've read many threads on transfer case failures involving chain and stripped shaft splines, and I'm wondering if this is the problem with my car.

I'm thinking about putting the car on the lift and pulling the cv axles to inspect them. Is it safe to drive the car after today's grinding/crunching incident?

I'm mechanically inclined and if the transfer case/ cv shafts are the issue here, i should be able to remove/replace if necessary.