Both the '92 I used to have and the '94 I currently have had the same issue. It is indeed the axle u-joints, yes, replace both even if only one is making noise. I did it on the '92 and it went away...I also have just been to lazy to do it on the '94.

 

Anybody ever experience a weird burning smell with this issue?

 

My money is on front axle u joints as well.