Rear Wheel Well mod using corrugated Steel Window Wells. Cost of Mod - about $40
First thing we did was to remove the inside panels so we could get at the wheel wells from the inside. Next, we got our the angle grinder and cut out the well all the way to the frame.
Before putting the well into the truck, you will want to use vinegar to etch the galvanizing. Next we simply put in the Window Well from Lowes. Here is a sample of a more squaris one. We used rounded, but they were corrogated, had a nice flange and a rolled edge.

Next, we took some 20 gauge sheet metal, donated by Nightcrawler, and covered the inside. Next we cut tabs in the well that over hung inside, and bent them over to attach to the inside sheetmetal. We used screws, eventually, I'll go back and weld it up.
Almost done. We used the Great Stuff insulation in a can to fill any gaps and seel the cab up again. This worked great for sound as well. Finally, we primed and painted them flat black, inside and out.
The process gave us almost 19 inches of depth for the rear wheels. We also have a very sturdy 4 1/2 inch flare. They have already taken a bit of a beating and are doing great.
