I wondered about the a/c compressor bearing too, Steve. It does sound very like the noise that mine made when it was failing on my first Saab 9-3. Trouble with sound is that it can travel and become deceptive as to its origin. I've always had more joy using a stethoscope of some sort - a long screwdriver will do - but obviously care needs to be taken around belts and rotating parts.
Regards, John.
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