I just bought a 2002 discovery 2 that makes a squeaking/ squealing noise when I let off the gas, and sometimes as I press the gas...sounds like it's coming from the front axle, any ideas? Please help

 

Could be your front drive shaft. My '04 would make a squealing noise as I drove also, pulled the front drive shaft out, had it rebuilt with grease zerks in the u-joints and it's been good to go.

 

If its front drive shaft its about to say good-by and run away with your tranny!...Good luck!

 

try posting a video

 

I would stop driving it, if it is that bad, it may not make it thru the weekend and possibly punch a hole in the tranny to boot.
Also, axles can't or don't squeak.

 

So I should replace the axle or the drive shaft?

 

Look at your front driveshaft,should have a grease fitting on each universal(3).If so just grease & inspect them
If only 1 has a fitting you need to rebuild it or replace it.

 

Thanks, will give it a shot

 

I checked the drive shaft and u joints (even added grease to the fitting) everything seems to be tight and appear new,any other ideas?

 

How many grease fittings does your front drive shaft have? If it only has one I would replace it or rebuild it, even if it is not the cause of the squeaking. Your squeaking could be suspension bushings, ball joints or something else in the front suspension worn.