LG WD-8050FH LOUD noice when spinning & 'funny' burning smell!!

I had the same symptoms and almost dismantled the whole machine to locate the root of the cause. The issue was one of the 3 arms of the spider (like a 3 spoked wheel that connects to the rear of the drum and holds it in place and provides the drive shaft to through to the motor at the rear), had snapped after weakening from corrosion due to undissolved washing powder building up in the grooves.
To prevent this, do a hot wash every few weeks to dissolve the powder, don't think your saving the environment by using only cold washes, this should be in every washing machine manual to save the environment from waste from un-economically repairable appliances.
The burning smell was the unbalanced drum leaning heavily on the rubber shroud on the front between the drum and the outer casing. The replacement spider part was only about AU$60-80.

To check if this is the problem you may be able to tell by opening the door, and reaching in from the front with your palm up about a hand distance till you go past the rubber shroud and just touch the stainless steel drum. Grip it gently with your four fingers and pull towards the front (to you) about 1cm or two, with about as much force you would need to open the machine's door. Rotate the drum approx one third of a rotation and repeat, do this 3 times and you should feel one point give more than the others.
If no luck try again in sixths of a rotation, you can gauge the distance by the 3 plastic agitators attached on the inside wall of the drum.

Note: get a price on labour first to replace the spider, as this will be probably more than half way to a new machine, and then the cost of the part, and the call-out fee if you can't get it into a service centre.

What's the point of having a long lasting stainless steel drum when the key part that connects the drum to the motor is a weak cast iron / alloy part.
Ask your local service person what units have quality parts before buying a new machine.

ps: the loud noise is probably the cracked arm rubbing or the unbalanced drum hitting the sides and making the machine jump.

Hope this all helps!