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that is a very familiar sound... my 2001 boxster s was making the exact same sound from the left front. The lower control arm bushing was shot. Some have injected grease; that seems to work for a few months. In my case the rubber boot around the bushing was torn. I had both lower control arms replaced at $500 per side parts and labor at my local indie shop. If you're thinking DIY, shop carefully - I found prices online varied from just over $100 to over $600 per arm.
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