the ballbearings, in the bottom bracket, have come out of the race"that holds them in line, and the race" thats looks a ring with 9ball bearings, has come apart, inside the the crank, thats the creaking sound you hear, you can get a new pair of ballberings races" at any bike shop, £1.50p each , let them fix it for you , not a hard job but you need the tools?
mick, August 2008