If you're talking about your shoulder, then it could very well be dislocated. If it doesn't hurt, though, then it may be just some bumps in the cartilage rubbing together. If you're not talking about your shoulder, then it's probably okay because dislocated elbows and wrists will definitely hurt. Shoulders are probably the easiest joint in your arm to dislocate, so if you're worried this might be it, I would check out it with a doctor like taichi suggested.