Twisted Axle Shaft, or just bad bearings?

Alright, here goes. When I bought my car I took it to a mechanics and had it checked out, he said there were some rust on the rotors and that the chirping/squealing sound it made would go away after a few weeks. This is on my right-rear wheel. Now, two months later, it's still here, just worse. I took it for my first "long" trip today, about two and a half hours on the highway. I have only used it to and from school and when hanging out with friends locally before. My mom got really worried about it since it got louder and louder over the past few days, so she made me and my dad take it to a local ford dealership to have it checked out today. They got it on the lift and had a look at it. We came to the conclusion that the chirping sound is caused by bad bearings, which is an easy and cheap fix; however, we also noticed that the wheel doesn't even spin right, it wobbles, kind of. We discovered this after having another mechanic sit in the car while up on the lift to put it in gear and run the motor. The chirping is usually just present at speeds above 10mph, and goes away during braking. Our conclusion for the day was that the bearing has gone bad and we also think the axle shaft has somehow been twisted.

I want to hear other peoples opinions on this as I really do not have any money at all to spend, except for about a thousand dollars in an emergency account I have, which is money I would prefer not to use for this even though I have to get my car fixed asap.

Ford said we could come back on Monday and they would take my rear end apart to correctly diagnose my problem for 95 dollars, which also means I will get new differential fluid at the same time (something I would have to get soon anyways). There is a good side and a bad side about this. The good side is that if it is nothing more than a bad bearing, then I'll get that fixed at the same time, and it won't cost me too much. Also, if it turns out to be something more serious than the axle shaft and/or bearing, I will get to know. The down side about this, would be that I could save money on just buying the fluid my self and a new axle shaft and put it in. This would be no problem for me and my dad to do in our garage, although it would suck if it turns out that was not the only problem because we decided to go the cheaper route and fix it ourselves. This is why I ask all you guys about what you think my problem might be, what might be the best solution, and what I should decide to put my money in.

Thank you all in advance! I will appreciate any response. I am a poor live-at-home college kid with no job and I am dependent upon my car to get me from A to B in a safe manner.