My Sport Trac has the same issue your seem to be describing, the popping is just about every few tire rotations, sounds like it originates from the driver front tire when driving, and only heard in 4 wheel drive correct? I've looked into the problem on my truck and have settled with the transfer case as my problem, due to the previous 4x4 issues I've had. I also drained my transfer case fluid and it was very metallic.
Haven't really seen a lot of information on this problem to back up that conclusion if anyone else has any info I'm sure we are both all ears.