A best case scenario .. a few stones/gravel on trapped on top of one of the guard plates or trapped in a Bundt type tire can make similar noises.
Note on "Nasty Banging Noise" - in a previous ride. a 1980 300CD, the right rear axle went bad twice (the original, and then a poor junkyard replacement choice) "BANG!" . . . "BANG!" ... the noise was intermittent at first ... a real heart stopper. Driving south from AK, I listened to the frequency increase for a couple thousand miles. Even through the mists of time gone by ... the memory provokes residual anxiety. An awful noise. Your noise seems different.
I took my tire off again, thinking I might find something I missed before, I ran my finger between the folds on the boot, saw a small amount of cracking, but nothing major, thought I wasnt getting all the way around, so I got completely under the car, and ran my fingers again, there, I found a small 1/4 - 1/2" tear in the boot...
Anyway, I put a finger in it, and it was completely bone dry, the tear is on the top of the boot, so I dont know how the grease could of come out of it, taking into account what I just read in the link I provided earlier, I went ahead and purchased some hi-temp bearing grease, a turkey marinade injector, and squirted a good amount in the opening, ran my finger in it making sure it was completely lubed, took it for a test drive...
No sound what so ever now, in fact, I think the car runs smoother, maybe its just psychological since I dont hear anything, I took on the freeway for a good 10 miles, heard nothing, so far so good, spent under $5.00 on something I was about to pour in hundreds, maybe I'll need to replace the axle/boot in the near future, but for now, shes running smoothly
same thing happend to my rear axle...but...i just replaced the rear axle (half) I got it from a placed called mannlove i think it was like 60$. pretty cheap if you ask me it was a rebuild of course, but the cheapest rebuild i could find. it was in dover DE. if you want the number do that message thing. the job was that hard for it. I replaced the rear axle. I heard the cv boots are a pain to replace.
I've heard it is easier to just replace the entire axle then trying to deal with the boot, not to mention you've got yourself a new/rebuilt one for another 50k+