this morning on my way to school something in my rearend mad a loud cherping/skeeking noise and it felt like it might have had some lag to it. Has anyone ever had this problem? Is my rearend going out?

 

Did the noise occur during cornering? Do you have a traction lok rear? If so, it sounds like the traction lok. If the viscosity of the rear fluid gets out of spec for the clutches in the traction lok, it will make some awful sounding noises going around corners.
Changing the diff fluid and putting in two small bottles of friction modifiers fixed mine.

 

Are your sure it is the rear. At least one member here had the the e-brake shoe lining come away from the backing plate, causing it to jam against the e-brake drum. He had a tough time going in reverse and had some dragging in forward gears.

 

I was getting ready to suggest the brakes. I'm having something similar going on with mine.

 

sounds like you did ur first burnout,, on a more serious note, Take some regular black spray paint a paint the rear, ride around for a while, to school or something, and check the paint, if it is still black, then it is not getting too hot i.e good fluid. If it turns white then it is getting overheated, and you should change your fluid. My grandfather told me this was a thing a bunch of guys at the ford shop he worked at did.