Sitting here trying to figure it out...Palm of hand to forehead...Of course! so simple. The ping was the transfer case popping out of gear.Tcase is stuck in neutral. Disconnect the linkage from the arm on the top of the t-case. If you cannot feel positive detents in all three positions, then the hi Lo linkage inside the case is no longer functioning.
Have had it happen. The dent ball was not engaging completely on my transfer case and would pop out when decelerating in low range.