I have a 2000 with the same problem. It sounds like the 4-Hi is engaged, but its not. In searching for answers I found two possible, though I haven't tried them yet.
1. Change the fluid in the transfer case
2. Bad hub/bearing assembly.
In a 2001 Ford Explorer Eddie Bauer, the horn is typically located behind the front grille, near the front of the vehicle. You may need to remove the grille or access it from underneath the front bumper to reach it. It's usually mounted on the passenger side, close to the radiator support.
In the right front passenger footwell , by the kick panel
In the right front passenger footwell , by the kick panel
In the front passenger footwell , behind the kick panel
In the front passenger footwell , by ( or behind ) the kick panel
In the right front passengers footwell , by ( or behind ) the kick panel
Does it not have a key lock by the front door handle ( that's what I did on my 1995 Ford Explorer XLT when the battery was dead )
5 1/4" and 5x7" will fit front and rear door, factory sub is 8"
There are seat belts for five occupants ( most likely 2 bucket seats in front and a bench seat )
In a 1997 Ford Explorer : The fuel pump shut off switch ( inertia switch ) is in the front passenger footwell , by ( or behind ) the kick panel
Eddie Bauer has nothing to do with a transmission seal
you have a bad tire or a bad wheel bearing i had this in my 2004 explorer twice, a tire,then a bearing the bearing makes more noise when turning right to left when traveling