Rear derailleur clicking and pulleys bouncing
 

My rear derailleur is going is making the clicking noise when I turn the crank. I also notice that the jockey pulleys are bobbing up and down. I plan on ordering a new derailleur, but In the meantime is their a way I can fix this so I can ride my bike today?

I'm sure this is another typical noob question from me.

I bet the chain is to close to the cogs. Try adjusting the single screw on the back of the derailluer.

So Feltup is refering to the B-Screw for the rear derailleur. While I will not say this is wrong, I will just elaborate and say that there are many factors involved with this. Cable tension, derailleur hanger allignment, stiff chain links all need to be addressed. Take your bike to a local bike shop and have them look at it.

Sounds like a stiff link to me!