That's squeaky! A little grease wouldn't hurt. Check to make sure its the rack first, and not bushings or tie rod end hardware. It wouldn't hurt to turn it all the way to one side, peel the boot back, and put some marine grease on there...and do the same to the other side. Also, check for up and down movement just in case and shoot me a PM if you have any other issues.
Take off the inner clamps on both sides, and pack both with a moly grease. Sounds very dry to me. All you need after packing is two 9 inch wire ties to replace the ones you cut. Should only take 30 minutes to an hour depending on how fast you are.