With the V8 being full time 4WD it could be many things. Wheel bearings, front diff (unlikely though) tranny, transfer case. Because of the way you describe the noise I'm thinking wheel bearing too. Either that or something wrong with the fan clutch or fan assembly that only manifests itself when there is enough air pressure on it at 60mph plus. If you bought it second hand from a dealership take it back there IMMEDIATLY! Every day that passes it becomes less likely they will correct the problem and try to blame you for it. A quick wheel bearing test is to jack up the wheel, then grab the tire at the top and bottom, and try to rock it back and forth pushing in and out (push top in, pull bottom out and vice versa) If there is any play, your bearings are shot.