That's the perfect description of what happens to mine!! I haven't done anything to my suspension yet, but I've been trying to figure out why I hear that noise, especially over speedbumps.

and like jschmid said, if your shock was blown it would be all greasy up in there.

I was gonna talk to my uncle who works for Honda to see what the other possiblities could be. If I find out, i'll post.