I have a 95 LT1, and there is a clunk (sounds sort of like steel on steel) when I shift to drive or reverse. Sometimes it's 2 or 3 clunks. It drive fine, but just clunks when going into gear.

U-joints are a common cause of clunking when going into gear, so I'd check.  Also, how's your tranny fluid?  Is it low or need to be changed?

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Could be u-joints on either the driveshaft OR the halfshafts....or all of the above. Could also be loose hub bearings, or worn bushings in the rear suspension.

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The "creaking" "click" can be cured with a $7 Teflon washer between the rear spindle and bearing. I fought this noise in my 88 for 3 years, and never fixed it before selling the car. My 85 is beginning to do it. I found a thread on CF with about 50 "this worked for me" replies regarding this washer, and the GM P/N for it. someday I'll get around to searching for the thread again, and installing the washers. Or then again, maybe not, because it causes no harm.

A worn u-joint usually "rings" the hollow drive shaft when it clangs. Very distinct bell-like sound.