Occasionally I can hear a ticking sound coming from the rear of the car. The left and right wheels. Sonetimes its the left, sometimes its the right. The faster I go the faster it makes the noise. When i press the brake pedal the noise stops. When I let off the brakes the noise comes back. What is this ticking sound?

 

Wheel bearings maybe? Rock stuck in tire? Zip tie somebody left behinf? Could be anything yo

 

I just replaced the rear wheel bearings on one of mine. It sounded a lot like you described.

I got some cheap bearings off Ebay and it was a pretty easy fix.
There are plenty of guides on replacement.

Here's someones Youtube of checking the wheel.
http://www.youtube.com/watch?v=SaqxUKxhTQc

 

Its more of a clicking sound that I hear while driving. And it does it to both rear wheels. Doesn't sound like a grinding sound like the youtube video

 

The sound in the video is *not* with the car driving. To check your rear wheel bearing, I'd suggest jacking up your car, taking off the wheel and try turning and rocking the wheel. Even if the problem is not the bearing it will likely become evident by doing this.