Cruiser Issues

I will say up front that I know next to nothing about vehicles. I do love my 1997 Land Cruiser that I have had for a little over 2 years. It has around 160,000 miles.
Last night while at a stop light I heard a loud pop from my back end. It felt like I was possibly dragging something or that I had a flat tire, so I pulled into a gas station only to find that I had neither problem. I would drive along at slower speeds and here the pop from time to time. When I was on the interstate trying to get home, the car drove just fine at 70 miles per hour. I made the drive home and was showing the noise to someone. I put the car in reverse and it made a terrible sound and had trouble backing up.
Does this ring a bell with anyone else. I have it at the Toyota dealership right now waiting on them to take a look at it.
I'd appreciate any help anyone could give me.