I currently hear a "knocking" noise comming from my rear end.

I have come to the conclusion that the bushings on both sides are damaged.

Will driving the car around damage any party of the suspension or any other parts?

I am going to be getting them replaced along with whatever else may be causign the "knocking" noise.

Any help will be much appreciated

 

Very likely, you won't have any damage. It will just be annoying, and in many cases handling will be odd and sometimes unpredictable. Worst case you'll have trouble keeping a good rear alignment.

I'd get it fixed, but I wouldn't put the car down until you get the parts or something. However, I wouldn't plan on any track days or anything .

Dale