i first heard it after i hit a pot hole...sounds like a flat tire when i am driving down the road.
after 8 auto shops, a re-built front drive shaft, replaced rear bushing and control arm, the NEW diagnosis is front CV/axle joint.
pull off the front drive shaft and drive it around to rule out the front shaft. if the noise goes away completely its most likely a bad shaft (about $80-120 to fix at a DS shop).
check all the bushings for play while the jeep is "weight bearing" (off a jack).
check the front CV joints for TOO much play near the housing. this is where i got my diagnosis for my problem. the front passenger CV, when on a jack, is locked down by the spring expanding. when its weight bearing (as it is under normal driving conditions) its got way too much play at the housing side making the same clunk clunk noise i hear when driving.
hope this helps a little