Rear Sway Bar?

[dochummer]

So, I've been hearing a clunking noise coming from the back-end of the rig for a few months now...usually when I go over a speed bump, or backing out of the driveway...I thought it was just fuel moving around in the fuel tank until i figured I'd check it out. I found that the bolt connecting the sway bar(?) was backed out about half way along the threads and I'm pretty sure that is what's been making the noise (#1). The other concern however was the connector on the right side, it looks like an 'O' but has an open end on it. On the left side, the ends are touching, on the right, it's actually opened a little - forming a 'C' (#2). Anybody know if it's normal to slightly open like that? And...do I need to lift the rear end before I tighten down the loose bolt on the left side?