the transfer case chain comes lose with time (all chains stretch with age during use). but seeing as u have a 2001, its kind of early for ur transfer case to stretch its chain.. i guess this all depends on how hard u push ur ranger tho...
as for the noise, this could be a few things (including a chain thats stretched and rubbing or hitting something else)... if the ranger is still under the 'drive train' waranty, then the dealer would prob. replace the transfer case for free since it is part of the 'drive train'. if ur not, then personally, i would open that transfer case and check out whats making that sound... transfer cases are not very complicated (compared to say a transmission).
steps for taking down the case: remove both driveshafts, disconnect all electrical connectors and breather/air lines, drain the transfer case (through the drain plug), once the plug has stopped dripping, place a jack under it so the case doesnt come tumbling down when it comes off (its relatively heavy), unbolt the case from the transmission (i think its 6 bolts or something like that), slide it back and away from the transmission, and lower the jack... then u just gotta take it to ur backyard or something
oh and when u do drain it, use one of those drain pans with a metal screen over the opening so that any metal in the transfer case's fluid can be caught by the screen. metal in the fluid is a good indication that there's some grinding/shaving going on inside the transfer case.
if it is the chain thats going wacko, then u can order a new chain online or you can get it from somewhere locally (which includes ur local ford dealer).. if it turns out to be something more involved, then you can replace the entire case. i've bought a few manual borg-warner 1354 transfer cases from car-parts.com for a few hundred. im sure you can find a late model one for ur ranger for a few hundred too. all u need to know is the type/model of ur transfer case (use the Search feature of this message board, or go to
http://www.therangerstation.com as that site is specifically for rangers). if u do decide to get a new case from say car-parts.com, try to get the part somewhere close to you so you can pick it up locally (shipping a 50-60 lb transfer case isnt cheap).. in addition, this will give u a chance to make sure u are getting the right transfer case before you fork over any money - i once had an electronic transfer case sent to me instead of a manual version - it didnt cost me anything to send it back since the place where i ordered it from paid for the shipping but it set me back 1.5 weeks.
.