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Are you sure that you have stock suspension underneath you? I would be surprised if you have worn out shocks and are hearing that noise. As Benny986 noted you would be hitting the bump stops before bottoming your shocks.
Either way I think you might be on the right track with new suspension. My suggestion is to try and narrow it down before you start throwing money at it. My personal method of checking suspension joints is to jack the car up having at least the rear, front or whole car jacked up (not one corner at a time) and using a rubber mallet start checking the joints. All the joints should be solid and should not make even the slightest odd noise. This is how I diagnosed a loose nut on my front sway bar. It didn't sound like much when I hit it with the mallet but it sounded awful when I drove the car. Once I torqued it down properly the noise went away.
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