I've always heard rumours about how cracking knuckles and other body parts is bad for you and can lead to arthritis (or something else bad). I don't really do it myself, but i sometimes get chills when others do it, just the crunching and all
Anyway, i was curious so i looked it up and i found this article by Dr Karl, a crazy knowledgeable science guy on Australian TV/radio/media
Some scientists wanted to learn more about knuckle cracking, so they actually stuck a sensitive microphone onto a finger. They found that there wasn't just one single sound when you cracked a finger joint - there were actually two separate sounds. The joint space is the space between the bones. There is a liquid in this space, and there are ligaments on each side, holding the bones together. As you pull on the joint, you first drop the pressure in the joint space - and the ligaments get sucked in. Once this pressure gets low enough, a bubble pops into existence - making a popping sound, which is the first of the two sounds.
Now this bubble has a certain size - on average, about 15% of the now-bigger joint space. Because the joint space suddenly has a bubble in it, the liquid, just as suddenly, pushes on the ligaments - snapping them back to their original position. This snapping back of the ligaments is the second sound.
The energy set loose inside the joint is only about 7% of what you need to damage the cartilage. But if you crack your knuckles often enough, you can end up with swollen ligaments.
Another study looked at 300 people who had been cracking knuckle joints for 35 years. They had slightly swollen joints (which is no big deal). But the real surprise was that their hands were weaker - their grip strength was one quarter as strong as it should been!
So cracking your knuckles won't bother you in the short term, but 35 years from now, you might not be able to open a jar of Vegemite!
NOTE: Vegemite is a vegetable extract spread, rich with vitmain B, that most Australians have grown to love
http://www.vegemite.com.au/
LINKAGE
So it won't give you arthritis or some other nasty diseases, but your hand strength is significantly reduced. Keep that in mind, next time you feel the urge to crack
Plus it gives me chills when others do it (but not if i do it myself?).