the noise you are hearing is the impeller scraping the compressor housing at silly speeds, it will still work, for a while...
however, you will find if you continue to use it like this then it wont be long before it really goes tits up.... imo you should get it re-cond asap...
in extreme cases ive seen the impeller worn away quite alot....thus means small shards of metal going into your engine,,,,not good at all
lee.....