Sometimes when going over dips or bumps in the road while turning, I hear a CLUNK coming from the front passanger side. I get under the car, and notice the rack and pinion bushing on is really torn, and needs to be replaced...any chance that this is what is making that noise?

check the passenger side motor mount. Check the torque mounts, make sure they're intact. Those are the small "pads"between the motor mount and the chassis. If not, probably the rack bushings