Your cars suspension is a complex combination of parts that all work in unison to keep your car nimble, upright, comfortable, and safe. Over time, some of those components will begin to show signs of wear and begin to make noises or cause the car to sag. The noises aren't terrible; they serve as warning signs that the part needs to be fixed. But a sagging chassis means that a part has failed, and could cause more parts to fail under compensatory stress. One of the smallest and most fragile of these parts is the sway bar link. If it breaks, then the stabilizer bar is no longer connected to the control arm and you will notice a great amount of body lean during your turns. A bad sway bar link will not only make some alarming noises, but can also cause a condition called understeer - when your vehicle departs its corner at a wider angle than desired. Understeer on windy roads or during wet weather is extremely dangerous, so a broken front or rear sway bar link really needs to be replaced as soon as possible.
Sometimes called the stabilizer link, it is a small arm or tube that attaches the sway bar to the control arm. This ensures that the sway bar connects the control arms on both sides of the vehicle, reducing lean and roll while cornering (http://www.ehow.com/about_6511544_sway-bar-links-vehicles_.html). The first stabilizers were used on automotive suspensions as far back as the 1920's, but weren't popular until after World War II. Sway bar links arrived even later than that, at a point in time when a car's geometry could be meticulously designed. This meant that the stabilizer bars could be mounted and adjusted at optimal locations. For a few off-road applications, drivers will completely remove the sway bars and links in order to allow more body roll and offer better rock crawling capabilities.
Since your stabilizers do not support any of the vehicle's weight, you do not need to put the car on a lift to change the sway bar or the links. So all you need to do is get under the car or truck and access them. Usually the stabilizer bar links will be bolted to the bar at one end, and through the control arm or a bracket on your strut at the other end. There are some exceptions, but generally this is the setup. Here's how to change them.