The honset answer is that no one knows. There are several theories of which cavitiaton (the implosion of a gas bubbles within the joint) is the most popular. When you stretch the joint you increase the size of the joint and so reduce the pressure of the fluid within the joint, this allows gas disovled in the joint fluid to leave the solution and form a buble. Immediately the bubble forms it collapses in on itself (ie implodes) and thats where you get the sound. Cavitaition within mechanical systems can caused damage to components so there is certainly the energy there to make an audible noise.