Does it do it when your sitting still or only moving?
I had some pretty good noise coming from the trans in my 240 that ended up being the pilot bearing in the trans. It would make the noise only when the clutch was out, would disappear when I pushed the clutch in.
Also check you sway bar links. They can make all kinds of noise. Usually rattling over bumps though. But they are cheap to replace and easy to inspect. They connect the sway bar to the hub in the rear. They are usually white(yellow with age), and are S-shaped. If the boots on either end are torn or missing replace them.
You should drive it up to my place this weekend, and we'll check it out!