It is very difficult to diagnose a vehicle "remotely". Sometimes, you really just need to be there. That said, yes it could be your shocks. It could also be the cv axle going bad, and starting to bind and then release. Here's a couple other thoughts to really confuse you:
1.)Check your driveshaft slip yokes and regrease them. Also could lead to a "pop"
2.)Check your motor/trans mounts. You didn't specify if it occured on accel, on deccel, steady speed,etc...
3.)Here's one I bet everybody forgets about. There are 3 bushings connecting your front diff housing to the chassis. Check them. Really check them. Get under there with a good strong pry bar and try to move the diff housing around and watch the rubber carefully.(w/it jacked up and the weight off the diff housing-jack stands under the little "protrusions" on the lower control arms) They are dealer only as far as I know.
4.)Of course, don't forget the possibility of worn ball joints and/or control arm mounts.
5.)The squeak may also be a clue. Check your sway bar end links. If one or both are worn or missing, it oculd cause a squeak as the suspension travels.
6.)A final possibility is the insulator pad on the torsion bar, as other have discussed somewhere on the board (try a search, maybe in the "lowering" section)
Also keep in mind, it could be more than one thing, so investigate carefully, and hopefully only have to fix it,and buy parts, once.
