I have a 2002 ram 1500 5.9L 2 wheel drive. I heard a thump noise and now when I turn the wheel left or right when driving I have a real bad grinding noise.

 

Take the wheels off and inspect. Could be anything.

 

I had planning on doing that. I lost a brake pad before but didn't sound or grind like this. I was looking for some insight. Not common sense I have that.

 

Sounds like a wheel bearing to me. Had to replace both of mine with in a few days of each other. I have a 2004 4x4 with the 4.7.

 

Is it only when turning or all the time? If it was the bearing it would make noise at speed all the time. I discovered this after the last time the brake caliper seized up and made so much heat it fragged the hub too.

 

I would put my money on a bad bearing. You will have to replace the whole hub. It takes about 30-45 minutes if nothing is seized.
I replaced both twice now. First time it was a gradual increase of noise. Last one just "blew up". Very similar to what you are describing. It popped and then started grinding pretty loud.