The wheel bearings on your Explorer are "unit bearings" (which means they are all enclosed and one-piece units) that bolt on to the spindle with a couple of bolts.
They can be changed at home with a minimum of tools, some time, and any decent auto manual for your truck. You'll have to pull the wheel, brakes, rotor, and then the actual unit bearing.
They tend to make more noise as they wear more. You may also notice the tire starting to lean inward at the top. The bearings do wear out -- especially with larger tires, hitting pot holes or curbs, etc., so it is not inconceivable that yours is worn out. I'd say that you can watch it for a while to see if it is worn or not. You can also jack up the front end and spin that wheel. Listen to what it sounds like compared to the other side. A slight noise spinning by hand is cause to investigate further. See if the tire "shakes" when you pull the top outward. There should be no play.
If it is starting to wear, it will only get worse, and it will let you know when it gets bad. You'll hear a constant "roar" from that side while driving. It is especially easy to hear with the windows down while driving next to a wall or building where the sound reflects back into the window.
Until then, it won't do any more damage, but once it starts to get loose, get it changed. It will affect your handling, your wheel speed sensor, and if it gets so bad that it fails, you could potentially loose a wheel.
Hope this helps.