Noise from the wheel?

[ChangingLINKS.com]

I am getting a noise from the wheel.
It's like a creaking that I can feel and hear.

I can make the noise with the wheel spinning in the air:
It's not the spokes.

I just replaced the bearings with brand new ones.
It's not the bearings.

There is no pressure on the cranks.
I doubt it's the cranks.

The noise happens with or without pedals.
It's not the pedals.


That leaves:
The hub.
The relationship between the bearings and the frame.

Does anyone else have this problem?
Can the hub make noise by spinning and simply supporting the weight of the wheel?