Capacitors don't sound horrible when they fail. Bearings in the fan motor do. Take the fan shroud off and spin the fan to see if the fan spins easily. I'm guessing no.
Mine did, in fact it exploded when it died, sounded like a shotgun blast in my backyard. When I took off the condenser cover there was just the top piece with the wires on it, the rest had split in half and fell to the bottom of the unit. My fan bearings will "squawk" on occasion, I take the fan off and squirt some gear oil on the shaft and let it sit for a couple of hours then re-assemble. These motors are supposed to be the type that don't need periodic lubrication but with the amount of rain we get in FL I'm thinking it gets washed out eventually..
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