rear end noise!

Yup it's your rear. while you are in there change to 3:73 or 4:10's and get the auburn diff. you will love it.

I wouldn't guarantee it is the rear end, BUT it definitely sounds like you can use a rear end rebuild so this is a good place to start..

Before you change your gears, make sure that it isn't just a u-joint. It could easily make the noises you describe. As far as the burn-out went, if you do not have true posi-traction, more power could be going to the wheels unevenly! However, if you try it several times, doing the burn out a different ways, and the same axle never ever breaks traction, that could be a sign of $$$ needed to be spent on new axle(s).

Put the car on jack stands, the rear, and do it safely (to avoid death). with the wheels off the ground , wiggle each wheel, independently, and see if you can tell if there is unusual "play" or slop in it. If 1 is F**kd up, it will feel diff from the other.
If either are compromised, it could abnormally wear the rear gears and cause a drone sort of noise, that over time gets worse and worse, eventually leading you to change out gears, which could be a good thing. That's how it happened to me! Now, while you have the car on jack stands, take a look at that driveshaft, at the u-joints, that could be the culprit. Much luck to you my friend!

4.10 for auto 3.73 for 5 speed... but if you dont do alot of 70MPH+ driving do 4.10's

Rear end problem = bad clutch pack. Replace with 4.10's and enjoy

Is the noise you're hearing a ticking? If so, shoot for U-joints. While you're there, grab an aluminum peice, you'll thank me later.