there could be many bang noises to be heard. Some of them already stated.
A bang could be just from the axle wrap of hitting the dr surface meaning nothing is wrong. Another bang going around a turn with no spinning tires is also caused by worn spider gears inside the differential housing, but being an '07 i don't think that's the issue.
If it ONLY happens when you spin your tires going around a corner and the bang happens when your tires hit the dry pavement, then i say there is nothing wrong with your truck and ease up on the gas around those corners.

 

UPDATE: i had a local shop look at it and they said it is the limited slip in the rear and the rear needs to be rebuilt by the dealer. They said the only thing he could do would be to put a junk yard rear in it. but i dont want that.
Is there any upgrades i can do while it is apart (will the dealer do anything but factory) the truck is out of warr. so its gonna cost me.

 

4.10 or 4.56 gears and either a selectable locker or DTT.

 

would the front have to be done too? 4x4

 

If you re-gear you'll have to do the front as well but if you just do an aftermarket LSD or locker it's not required but it would be helpful.

 

UPDATE: The rear was the issue and completely rebuilt under warranty with a $150 deductible. All new bearings, gears, etc. Everything is all good now and drives better than before it broke. Thanks for your replys.