I have a 99 and while towing to Bronzeback Bombers house I realized the front of my boat was riding a low. So when I pulled up he asked if it was always that low. I get out and look and my hitch is 8" off the ground > (usually about 18-20").
Well, the frame snapped. The truck is rated to tow 5000 pounds (XLT,4X4, 4.0) and my tracker weighs not even half of that. Just rotted out, the mechanic said it looks like it was in the ocean for a couple years and someone just pulled it out (never in salt water, and when launching my boat the water never even comes up to the rim of my back tires).
I started checking Ford Truck forums and this is becoming a common problem with Rangers. The frames are just rotting out! So be careful and pay attention.