Possibly, but it could be related to the powersteering pump.

I wish I had my manual with me, I could look up the other symptoms of a bad powersteering pump...I don't know them all.

Does the popping only happen when the suspension flexes? Does it happen when you are not turning the wheel, or does it only happen when you turn the wheel?

If it is the balljoint, the popping should occur when the balljoint moves.