when does this clunk happen man?

Over speed bumps and on rough roads my steering wheel will jerk depending on the grooves of the road

Check your rear shock eye bushings... Have someone jump up and down on the rear bumper while you watch and listen.. This will help replicate the noise or at least show you some unwanted movement in any bushings...

Well the clunk is in the front only BUT I do hear a squeak when pushing up from underneath the truck

Yup

What the hell kind of exhaust is that?!?!

Looks like somebody put a muffler on right after where the pipes intersect and put a dump on it.
Ha I thought the driveshaft was part of the exhaust for a second since the picture is upside down.

I had this clunk on my 05 ended up being in the front and was damage when the shop installed the leveling it. I'll look an see what they replaced .

hmm yeah please update the post when you figure out what was fixed...im dying to get it fixed