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This noise began about three weeks ago and I still haven't been able to nail down exactly what it is. Anyways, here's some info on it:

-It is coming from the drivers side rear wheel
-It takes about 10-15 minutes of driving for it to start happening
-It is rotational (increases its frequency with speed)
-It is louder at lower speeds (5-15mph) and is almost unnoticeable above 50mph
-At first it will only happen when throttle is being applied
-Eventually it will happen all the time EXCEPT when the brakes are applied
-At first it will only happen when turning left
-Eventually it will happen all the time EXCEPT when turning right
-I tried the wheel bearing/tie rod end test (rocking the wheel at 9/3 and 12/6) but there was no play in either direction

Also: The car has BC Racing coilovers, Enkei RPF1's, Hankook Ventus V12 evo2 tires, and is VERY badly out of alignment.

 

This is hub and bearing noise. Replace both at the same time.

 

What makes you know it's the hub too and not just the wheel bearing? Also wouldn't one wear out before the other?

 

The hub has lost its press fit with the inner bearing race. The squeak you hear is the hub moving as you drive.