It means that something is wrong. Check all your moving parts in that wheel.
I have a 1999 Ford Explorer and I was told about a grinding noise before I bought it. He told me that it was because it needs a new wheel baring. * If the vehicle is standing in place and the wheel is turned and there is a noise it could mean you need to add power steering fluid to the unit.
I am not sure what you mean by "cranking" noise. My guess is a bad wheel bearing. A loose wheel makes a noise especially if the some of the bolts have fallen out and are rolling around in the wheel cover.
had the same issue, an it was a wheel bearing
We would need to know where the noise was coming from and under what conditions it made the noise in order to make an assessment.
Wheel shaking under braking can be caused by a warped rotor. A grinding noise when you turn can be a bad wheel bearing or worn brake pads. Either way you need to have your brakes and wheel bearings inspected immediately. This can be very dangerous. Any decent mechanic can find the problem and repair it.
Bad wheel bearing.
Assuming it is front wheel or 4 wheel drive, it is worn CV or Constant Velocity Joints. :o)
Power steering or wheel bearing?
If you mean a "GRINDING" noise - then it sounds like the constant velocity joint (CV joint) may be failing -OR- if it only happens when you apply the brakes - the brake pad(s) need replacing.
A 2003 Lexus with an intermittent grinding noise might mean that there is a tire rim rubbing on the brake disk. It could also mean that a tire is rubbing on a fender wall when turning.
The brake pads are worn out and need to be replaced. The grinding sound means your brakes are about to stop working.