BTTTOMPP ;^)
This paper is the best I've seen on Carolina Bays. It mirrors my own thinking on the formation being due to hydrologic discharge, wave action loosening sands, and subsequent aeolian deflation during seasonal water level drop.
http://www.sciencedirect.com/science?_ob=MImg&_imagekey=B6V93-3XBTS7K-7-1&_cdi=5887&_user=1355690&_orig=search&_coverDate=04%2F30%2F1998&_sk=999779996&view=c&_alid=444909418&_rdoc=1&wchp=dGLbVzz-zSkWW&md5=2dce2b5621b04c89d304bd2689282649&ie=/sdarticle.pdf