You can hear it best around 22 and 40 seconds. Started a few months ago, so I started taking things apart and found out the transfer case was basically empty on fluid despite the fact there was never any sign of leakage. Filled it back up with Amsoil gear lube, and the noise stopped for about a month. Figured it was low again for some reason, so I checked and it was full, but black and nasty again. Changed the fluid out again, once again with Amsoil, and no change. It's most noticeable in 5th gear when I let off the gas, which is what you hear in the video. It stops as soon as I push the clutch in and it engages. Car is 88k miles, stock, clutch is about 3 years old.

 

There are numerous threads on decel noise. Check them out. I too have a 2003 and finally fixed this decel noise by about 90%. All the common bolt on mods and 272 cams continuously increased decel noise for me. It was not until I had to replaced the passanger side drive shaft did I notice an immediate decrease in the decel noise. I used a shaft from the Drive Shaft Shop, not cheap at $400, but the shear weight of the unit seems to have dampened the decel resonance. Amazingly so. The shorter driver side shaft is original and when needed I'll match it with DSS.