i gave up on my rear wheel hub adjusting it so i took it to a local bike shop..
they adjusted my wheel saying that they tightend the nuts little bit more than b4 cause if they do it JUST RIGHT, then the wheel wobbles and makes sound. So they tightened it lil bit more, so nomore wobbles but still sound. I came to the bike shop cause this was the problem i had at home. I thought they were b able to fix it. But all they said was"the rim is too old. it's prolly 20 yrs old. The major thing is that YOU worked on the wheel." I ve worked on my front wheel b4 and it was fine
+1 I find it best to go back to the beginning, before the noise. In this case, I would remove the freewheel. I would check it to make sure it spins freely. I would probably go ahead and clean it and then re-oil it regardless. Then I would reinstall it.
Bike Nashbar AL-1 ,Raligh M50 , Schwinn Traveler , and others
you may have broken or crack the axle when you remove the freewheel.replace the axle if it is.repack the bearings and make sure the freewheel is working and try not cross treads it putting back onto the hub.
Prolly cause it's 20 yrs old. Get something a little more modern w/ cartridge style bearings,
Why, because cup and cone bearing assemblies are completely useless?
OP - as mentioned earlier, take it all back apart. Could be a broken axle, could be a loose gap on the cone/locknut stack, could be related to the freewheel assembly, could be related to freewheel install. I'd take FW off and reinstall wheel into frame and see if it does it then. If yes, then you know it's related to the wheel. If no, then it's probably related to the FW.
BTW - are you talking about play (and sound) in the bearings while the wheel is installed or not? Off the bike, your older wheel should have a very small amount of play in the cup/cone. Once the wheel is installed, the QR skewer will compress the whole deal together and should take that very small amount of play out. Also, if not installed on the bike, and you are checking for sound, take the QR skewer out of the wheel - those things rattle around a lot. Some even rattle around a lot even when they're installed. (a friend's brand new Mavic Ksyrium wheels have noisy QRs)