I'm not absolutely certain but I think you do not have replaceable ball joints and will need a replacement control arm - New $250, used maybe $30-50. You can check Fastlane or better yet the EPC with your VIN to know for sure.

If by some stroke of luck you do have replaceable ball joints, it can be done with an AutoZone rental ball joint tool, some ingenuity, a few raw materials, and some time! The proper tool makes it 5 minutes to remove and install, quite easy!

If it is the ball joint it should be detectable with the wheel off the ground and rocking it grasped at 6 and 12 o'clock. Any movement is in the ball joint assuming the wheel bearings are not in question. You can also get some heavy lube or oil into the joint to diagnose; if the noise is reduced after the lube is applied that's the problem.

If it’s a ball joint on the 124 chassis not driving the car is a very good idea, when it fails the shock compresses and the front of the car drops the wheel well onto the tire. As speed this could be catastrophic, it most often happens though at low speed when turning the wheel and barely moving for some reason, like turning into or out of a parking spot. The front sway bar usually prevents the control arm from dropping completely to the ground because its end is attached to the control arm; this also usually stops the spring from coming free also. But something like going over a speed bump or a deep pot hole will really stress everything if it lets go then.