You CAN take out the drive shaft on one side in theory, but this is not required for diagnosis. you should be able to tell if a ujoint is really failing just by turning the shaft with a pair of pliers on the splines. U-joints dont typically make a banging sound like that, they would squeak or squeal while driving and break apart. But it doesnt hurt to inspect the shaft and hub bearing. Have you tried driving with the locking hubs off?
I disagree. I have had a couple of Ranger/Explorers, with bad front u-joints, bang/hop,etc.. One, as I recall, even did it in 2wd, they were so bad. Remember, those front outer joints, at the knuckle, move in some "funky" ways, that a driveshaft u-joint doesn't.
Also, you can remove the driver side shaft entirely, and the outer half of the passenger side shaft (at the slip joint), with the diff/beam still in the vehicle. The inner half of the pass. shaft is held in the diff with a c-clip, only accessible with the diff out of the truck. This would allow you to change the (2) outer u-joints, but not the one inner, on the pass. side. (Actually, that MAY be possible, to do, with it still in the diff, but it would not be "fun")
Also, to the OP:
For hubs (on sale Mile Marker $145.97):
http://www.summitracing.com/parts/mmk-428/overview/make/ford/model/ranger/year/1993
Conversion Kit $44.99:
http://www.summitracing.com/parts/mmk-95-27997
I'm pretty sure Summit ships internationally.
I have had the Mile Marker hubs for over 3 years, with no problems. They should be fine for "normal" driving. They may or may not be up to "hardcore" off-roading. I wouldn't know. I don't do that stuff.
You can probably piece together the conversion kit, from Dorman, for less money, but you need to know what to buy, and their catalog doesn't make it easy. Plus, the one thing I can't find separately is the star washer, plastic washer, thin washer, and c-clip, at the outer end of the axle shaft.