bad pulley, possibly the tensioner. Get it changed soon, before the thing seizes whilst you doing 7000rpm and the belt snaps and hits your viscous fan. Then you'll have parts flying all over your engine bay, cut your water line and put holes in both your hood and your radiator.
Happened to me. My tensioner pulley did not sound half as bad as yours and I left it, only to have it seize on me when I was driving, luckily I was only at 1300rpm and parking the car when it happened, but it still cut my water line and power steering line. Luckily I was literally turning in to park the car when it happened so I was able to shut the car off right away. This has the potential to cause some serious damage. It's not a case of if it will happen but rather when.
Book the car in and get the pulleys inspected.