Almost sounds like a dry slip yoke to me (at the rear of the transfer case where the driveshaft goes into it), but the noise would be coming from the middle of the truck. Could still be that and you just think the noise is coming from the front, they can be deceiving sometimes. Could also be a u-joint. Do you feel the thump anywhere? Like in the floor, steering wheel, etc? Or just hear it?
2000 Chevy Silverado RCSB LS6 5 speed, LS6 short block, 317 heads, LS6 intake, Lunati 220/224 .575/.575 112LSA cam, Edelbrock Headers, CTS-V accessory drive, Nelson Performance Custom Tune.