Squeaking/grinding from the driver side rear ***HELP***

Couple days ago it started out as just a small squeak when I went over bumps or potholes. But now its escalated to a constant squeak and consistent with the speed of the tire. Hard to to describe...it almost sounds like something is grinding against the tire. Kinda sounds rubbery. HELP! I'll try and get a video here in a bit. thanks.
EDIT: It also doesn't make a sound when I push on it from the rear...
Here's the video: http://tinypic.com/player.php?v=5nn22r&s=4
Last edited by xasthur; Oct 5, 2008 at 02:46 PM.

