Better hope it isn't a wheel bearing as they are common to fail from impact. They are almost $500 from GM. I bought the aftermarket one for $100 and it sucks. Its worth the extra money to do that right if its the case.
If not, read up on the forum about bushings failing as they are common. You may be a little more damage then that, but it sounds to be simple stuff.
And enjoy your new toy!
2003 Corvette Z06 - MGW shifter, Corsa X pipe, Corsa Xtreme exhaust, Texas Speed long tubes w/o cats, PowerStop rotors/pads, Conti DWS tires, C6Z51 F&R sways, C5R headlights, tuned
04 GTO - sold