The Death Trap

Lately, the rear suspension on my 94 GT aode convert has been a little hairy. Its pretty much all over the place. The car has 141k on the odometer and I'm pretty sure the struts/shocks are original. Yesterday, however, was paricularly scary. The back end gets "caught" on small potholes and bumps. It basically feels like the axle is walking everywhere. At the same time I noticed a humming/whining noise from the left side. Could it be an axle breaking loose from the diff? Or could one of the bushings in the control arms walked out. The problem feels a little more than simply shocks. Any ideas on what to look for would be appreciated. :bang:
 
definatly start with the shocks, then if that dosent help u can try some aftermarket LCA's and go from there. but it sounds like bad shocks to me. mine were dead when i pulled em at about 125K miles