it could be the driveshaft bearing inner.
firstly how easy is it to change one?
The noise is so loud it makes your ears bleed
First off driving a car that loud can't be good, the worn surface must be generating quite a bit of heat as well and could create a sudden secondary problem.
Do you get knocking when making full lock turns?
Is it a manual or CVT?
If manual does the noise disappear / reduce when coasting? Vary with gear selection?
I would suggest it's more likely gearbox bearings, there is a thread
http://clubjazz.org/forum/index.php?topic=97.0what sounded to me like wheel bearings... this is what it was like. .
Can be checked with wheel on; worth jacking up other side to compare, but that does seem rough.
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TG