Best thing to do it get under it ( when exhaust is cold ) and start hitting on the exhaust, if the cat brink is loose or broken you might hear it rattle in the cat. Mine broke all apart and ended up in the muffler! And check for things like the heat sheilds, they tend to rattle loose over time, exhaust clamp, loose bolts.
As far as the squealing, how old is the serp. belt? or could it be coming from the tires? 
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93Z M6 Black: The 385 Lives! Supercharged, 3-core front mount intercooler, GTP heads, 3:73's, Street twin clutch, Jethot Longtubes, Mufflex 4" catback/spintech, S+W cage, Spohn Suspenion, Yada Yada Yada
1) Build it
2) Race it
3) Break it
4) Repeat!!!
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