This is my suggestion, take it for what it's worth.
If you plan on trying to get to know your jeep a bit better it wouldn't be a bad thing to get a repair manual that covers your model and year. I haven't checked out the Jeep version, but Haynes repair manuals are pretty detailed and user friendly for non experienced mechanics. I know motorcycle versions have a wrench scale for difficulty. It'll give you an idea if its something you might want to try on your own.
The next option is join a local jeep club, or at least go to the staging area here, meet some local jeepers, most are willing to help out.
The last advice, is anyone who has a slightly older vehicle should ask around and find a good general repair shop close by and build a good relationship with the mechanic there. I've found the smaller shops to be pretty helpful when it comes to working on a budget.

 

How bad is it to drive with?

 

If it is a wheel bearing, it could seize while you're driving.
I've had a noisy rear do that years ago. No what you want.

 

Figured I would post to conclude this thread. So the wheel bearing did need to be replaced. But while the mechanic was fixing that, he noticed that the front driveshaft is broken. So they took that out and I now drive a 2 wheel drive jeep mall crawler. For now. As I'm being 16 and searching for a job, a new one wont be put in for a month or 2. I decided I will just buy one off Craigslist and see if my and the pops can't do it together!

Well thanks for everyone who helped and here's some pics