That squeaking/creaking noise is the Ball Joints. I am 99.99% sure of this. The same thing went wrong in my previous 300E.
Ball joints $30-$40 +labor(not too intense).

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1987 mercedes 300E
1995 e320 conversion(hated the 300e grill)
HID/Xenon (D2S)
Keyless Entry
Monochromatic Paint (Custom Blue)
Smoked Tails
Flat Badged (front)
Debadged (rear)
custom "carbon fiber" console
18 inch HP EVO rims
Sold! Now I drive a Monte Carlo SS
http://memimage.cardomain.net/member.../352975_67.jpg
http://memimage.cardomain.net/member.../748335_24.jpg