Engine noise video inside
https://www.youtube.com/watch?v=-dVbBHOVpBU
Pretty classic harmonic balancer failure there. I would stop driving the car, if it separates completely it'll walk its way into something, either the PS rack or the timing cover. It's probably been slightly wobbling for awhile, but the chirping and belt deflection is it letting you know you need to get it fixed. I wouldn't recommend driving it to a shop, but if it's definitely possible it has some mileage left on it, just be aware total failure will throw the belt. So you'd loose PS, the alternator and the water pump. As well as the aforementioned walking into something.
Google some threads about this issue, plagues both C5's and C6's. The balancer job is not particularly easy, but not impossible for a DIY type person. I've gotten quotes ranging from $500-700 for labor alone. DO NOT use another GM balancer, problem will come back. There is a wealth of info about this problem, read up and probe whoever you want to do this work, it can and has been done wrong before.
On the plus side, replacing it is a lot of the work for a cam install.....




