Thanks guitar, I think you are correct. I took the projector off the ceiling mount, and hear what sounds like broken glass moving through the projector.
The good news is that I still have the 3 year extended warranty in effect from when I purchased the projector from Circuit City (still have more than a year left on it). They affirmed that is sounds like the color wheel and are going to either repair or replace it within 10 days of receiving it from me.
I have already received two free bulbs from my extended warranty...so it was definitely a well spent $149. I still have the brand new bulb, and 2 bulbs with about 2000 hours but still work.
For anyone that is interested, I just moved and my HD70 is now throwing a beautiful 140" screen from Bell Expressvu high definition TV and a Blue Ray. Very sweet investment indeed.
Thanks again for all the help!