DRF aka Thrifty Bill
Join Date: Jan 2008
Location: The NC Mountains
Bikes: 86 Katakura Silk, 87 Prologue, 87 Cimarron, 14 frame school custom, 73 Paramount
Mentioned: 2 Post(s)
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Take it to a shop. Could be anything from pedal bearings, to bottom bracket bearings, etc. When is the last time you had the bearings replaced and regreased? And if you are having that done, its a good time to do the wheel hubs as well.
Sounds like BB to me, but diagnosing over the internet is limited.