I have an 03 Ranger 2wd and while driving home from work today i heard this horrible rattleing noise i got under and the ring around the front of the drive shaft thats held on by ruber is hanging on the tailshaft of the trans. My question is what does that ring do and can i just take the driveshaft out and take it off without causing any damage? thanks
No, that's wrong. On a 2wd all that ring is is a balancer that is unnecessary. Yes just unbolt the rear of the shaft and slip it off if you haven't yet and bolt things back up. You will be perfectly fine without it.