We had one this year like that. Her front legs were so bowed out that it looked like a scissor jack from the front. She sorta crawled and scrunched along and tried to get up. She did manage to get to the cows' teats and nursed, and god bless the cow, she stuck with her. The vet said it was a tendon/ligament problem, and sometimes is environmental or nutritional, and could be genetic, but since she was the only one there was no real reason for it that anyone could see. She has pretty much grown out of it now, she is about 4 months old. There is still some evidence of it in the one front leg/foot, but she gets around and plays with the other calves pretty much. I wouldn't have given you $10. bucks for her and was honestly ready to put her down. The cow had a normal calf last year. So we will wait and see. She is not one we will keep , unless she has an obvious limp that would discount her too much in price. Then she will go with the couple of odd ones that will be freezer beef for someone. Have one that only has one eye, and two that are blue speckled and we would take a beating on them at the market.
If you have the patience, and can get the cow into a small field or pen, with her, there is a good chance she will "grow into" it and it will straighten up with time. Especially if it is a tendon/ligament weakness like ours was. Watch the cow the next time and if it happens again, ship them both when the time comes. If she can get up a little, enough to nurse, then she may very well do okay. If she shows any effects from it, she can always be your beef for the year. Better than no calf off the cow.
The popping sounds are from the joints not being held in the right position from the weak tendons and ligaments, and the bones not being in alignment. Normally it will improve with a little time.