I was exercising and i heard a pop. now my right side is so very sore right above my hip. could i have cracked a rib?

Muscle injury likely: Assuming you mean in the lower-mid outer abdominal area, then a strain of an intercostal muscle (between the ribs) or a partial tear of an oblique muscle (outer abdomen) would be the most likely cause. A rib fracture is possible, but less likely as more force is typically required to injure a rib. Treatment is usually symptomatic and includes rest, ice and anti-inflammatories.

Cartilage separation: You coild have seperated costal cartilage from floating rib or pulled a muscle. Hard to say.