I'd get a price quote for a replacement compressor. Autozone has them for around 3-400 dollars. The compressor isn't any harder than changing out an alternator as long as there are no other issues like metal shavings from the internals of the compressor (has happened to me). If it's simply the a/c compressor bearings it shouldn't have any other issues.
Let the pressure out of the system. Disconnect the hoses, take off the belt and any electrical plugs. Put the new one one on and hook it up. Then drive to a shop (without using the A/C while you're going there) that will recharge A/C R-134 refridgerant and have them vacuum the lines and put new freon in there. Shouldn't run you over 100 bucks i'd think for that. It's really not as hard as one might think (minus needing the vacuum pump and getting the right amount back in there which the shop will do for you). That's probably what i'd do.