Hmmm, that sounds pretty significant. Without hearing / looking at it I'm not sure what it is, however the suspension system would be a good place to start.
The links are fairly easy to spot, particularly if you take the wheel off. If you google images of 'arb drop link' you should get an idea of what to look for. If it is that noisy, it may be a more significant suspension component or the drop link could have snapped (I heard of a couple of cases).
To be honest, if you have the aa cover, it might be best to just take it to the garage. If the noise is obvious, they will find the problem.