so I put the vette up on jack stands on the rear, after I put the original rims back on it and new tires I heard this odd squeeling sound and a knocking sound.

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The rear suspension hanging like that will cause the u-joints in the halfshafts to bind as the wheels turn. Try to not turn the wheels any more than you have to with the suspension hanging.
The "squealing" noise you hear when turning the wheels one way is the low/reverse sprag inside the transmission(automatic only). That noise is totally normal, so don't worry about it at all. The sprag consists of several small, steel rollers, with accordion-like springs holding pressure on them. The rollers ride in a tapered groove in the sprag race, and Lock in one direction, and freewheel in the other direction, The noise you hear is simply the rollers rolling against the spring tension. Nothing to be concerned about. ALL rear wheel drive Corvette/GM automatics will do that.


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Joel Adams
C3VR Lifetime Member #56    
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"

ok. I wont turn the wheels. Im just trying to find the rubbing sound I heard last time I drove her. and the Squeeling noise seems to be the same sound I heard while driving it last time as well.

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Ruh Roh! I re-read your post...so you were hearing these noises while driving? I mis-read...I thought it was only making the noise after you raised the rear up on jackstands. My apologies.

Those noises while driving normally point to a wheel bearing, or possibly the parking brake.
You can remove the halfshafts, and turn the wheels to see if the noise is there. You should also check for play in the bearings. Do this by grabbing the tire at the 12, and 6 o'clock positions, and pull/push(push on top, pull on bottom, and visa-versa) on it. Do this again from the 3, and 9 o'clock positions. You should have NO play in the bearings. However, if you do this with the halfshafts out, you will get some movement from the entire trailing arm, since there is no support from the removed halfshafts, so it's best to do this particular check with the halfshafts in.
It's also possible that the u-joints in the halfshaft(s) are bad. The best way to check this is with the halfshafts out, and flipping the halfshaft flanges back/forth. If there is any roughness to them, they need replacing.

Sorry for the mis-leading info before..I thought the noise started AFTER you raised it up. I should start actually READING the posts first....

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Joel Adams
C3VR Lifetime Member #56    
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"

Rear wheel bearings have very little play. I am planning on replacing them because what play they do have may be a little but no sence in letting it develop any longer than it needs to.

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update:

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Joel Adams
C3VR Lifetime Member #56    
My Link


(click for Texas-sized view!)             NCRS

"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"