I want to thank you guys for a wonderful thread that saved me hundreds of dollars in repair bills. I experienced the same symptoms described in this thread on my 1997 Jeep Cherokee. It is equipped with the 4.0L engine with automatic transmission and has about 115,000 miles.
I started noticing a noise that sounded like valve train rattle. I first suspected low oil, but the oil level was fine. After about two weeks, the noise grew louder. It was only present at idle, and it didn't matter if the car was in Drive or Park. The car ran fine, and the noise would disappear once I started moving. Every time I tried to trace the noise, it always lead me to the bell housing around the torque converter.
Today I put the car on ramps and removed the cover to the torque converter. I inspected the flexplate (what I've always called the flywheel) and found no cracks. I was about to put it back together, but I decided to check the Internet first and luckily found this post. It turned out that two of the four bolts securing the flexplate to the torque converter were loose. I tightened all four bolts, and the noise has disappeared.
There was one extremely valuable tip here. When tightening the bolts, the flexplate will rotate and keep you from applying sufficient torque to the bolts. Luckily, the ratchet head eventually runs into the oil pan, which stops the rotation and allows you to continue tightening the bolts. My Haynes book calls for 40 ft-lbs, but I just went ahead and tightened them to the max with my 3/8 ratchet (probably not recommended).
I was so inspired by this thread that I registered so I could post my experience. This seems to be a common problem in high mileage Jeeps, judging by the number of posts I've seen on the Internet related to these symptoms. I'm very fortunate that I didn't have a cracked flexplate, or something worse.