On the way home from a Christmas party that I was volunteering at... I heard this sounds - and thought that I blew a tire. Just barely steered it to the right to get it off the road.
Got out and this is what my front driver wheel looked like. Crap! Had to call a tow truck to come and haul it away. The driver said it looked to be the control arm and ball joint. Hope it doesn't cost a small fortune!!