I'm thinking it's probably your wheel bearing.
Does it sound like a metal on metal sound? And it's related to you giving it more gas, and less gas?
If it was the shocks I'd come when you went over bumps and stuff, and you can usually tell when you have a blown shock.
I'm gonna have to put my money on a wheel bearing.
It's about the only moving piece in the wheel well.
It could be the axle but you'd notice a weird ride with it, if it was the axle.
Someone may have more info.