Bike Frustration

So if you look at my 5/7 post you will notice I had a blond moment when I took my bike in for a frame issue which was just a protective sticker. Well I am having to take my bike in again *sigh* and this time I don't think its another blond moment. Since I have had my bike I noticed it was different than Jen or Reggie's in that when you pushed the bike or spun the rear wheel by hand theirs would make a click click click sound and mine would not. I put it down to mine being "cooler" and more stealth like. Last night on our 27 mile ride I noticed a "sound" coming from the rear wheel. When I peddled it didn't make it so I thought probably just something moving as I cycled.
I got into the wheel tonight and started checking it and realised that it was making a grinding noise as it turned. I pop the wheel off and clean it off, lubricate the bearing area etc and turn the spindle.... it still seemed to grind. I thought that it might be smother back on the bike but nope it still sounds like its in its death throes. This bike is only 4 months old. It should NOT be having a problem especially when I have only 250 - 300 miles on it. The REI store I got it at is pretty cool as are the people and I'm hoping they will do me right. I am however concerned as we have a 60 mile ride organised for Saturday that I want to do and am really concerned I'm going to miss it.
Update on this will come tomorrow.