You've diagnosed it pretty darn well. It is either the half shaft, or the wheel bearing. If it's kind of a "growling" noise - sort of like extreme road noise from crappy tires, then it's a wheel bearing/hub. Take a look inside the wheel well and see if you see any grease on the control arm, sway bar - well, generally just about anywhere.If you see it - that's because the CV boot is puking it out for some reason - likely a tear.
HTH
-Swash