Last time I had a 1 click I ignored it, then 3 weeks later take out bb, and well there was nothing left all bearings blown up, the yellow case bit fell off, cracked the axle etc I can go get a piccy of whats left if youy want.  I would say check the BB as it sounds like dead bearings.  Bearing in mind that mine was ISIS if its sq. taper might be a crack in the axle rather than bearings. (excuse the pun)