Mysty-
It's very possible, hell, highly likely. Jack up the car (use jack stands), take the front wheels off, and look and feel up by the springs. You might be able to see a break or a broken off piece of coil. If you can't, completely inspect the sway bar, ball joints, and tie rod ends. Shake the exhaust around. Look for anything else that may be loose and causing the sound you are hearing. If you can't find any other reason for the sound, suspect a coil break that you can't see. Take the car to a shop and have them remove the spring/strut assembly and inspect it. Your life isn't worth taking the chance that the springs are ok.
------------------
95 Contour SE automatic, 37,000 miles
