Due to the age of the grease in the constant velocity (CV) joints, they were removed from the car and stripped clean. New grease was applied with new boots and the half-shafts were painted with POR-15 black paint. This is probably the messiest job you can do to your car, the molly based grease that is used in this area is extremely messy and gets everywhere and does not come off! This was also very time consuming, but that was only exaggerated since I also did a lot of cleanup and painting that was not necessary, but worth the time and effort. I performed this in an attempt to rid of my rear "clunking" sound. This unfortunately did not do the trick. It now turns out the sound is probably due to rear wheel bearings with sticky grease. The bearing tend to stick to one end of the spindle and when enough force is exerted from turning they quickly shift sides and make a banging sound. Normally they are supposed to glide ontop of the rear spindle. The ultimate solution there is to replace the bearings and apply liberal amounts of the proper grease to the spindle and bearing. More to come on this later...
There's a pretty good write-up in the DMC-News technical section on how to do a CV Joint servicing. The only thing I would add that the article did not cover is that it will be necessary to "tap" (flat-head screwdriver and persuader) the covers off the ends of the outer races. Having never done this before it was not obvious to me, but now it seems pretty straight forward.
Outer Boot Removed