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If the unit is making a loud noise outside, you should shut it down. The compressor or something in the sealed system may have failed. Most often a bad loud noise outside can be a compressor failure and or fan failure, but both can damage other parts fast so shut it down for now. Also can you go out by the unit and see if it is the fan or compressor making the noise?
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I would shut the unit down, and you would have to disconnect the wiring to the fan motor to then start it up briefly to see which one is making the noise. You could just have a bad capacitor on the unit outside as that can make the unit loud and not cool correctly, it is just hard for me to say as I am not on site hearing what you are. If you can take a video of it upload it here so I can see it or send me a dropbox link with it,
Yes it could be if you have a video I could maybe give you some more insite on this.