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Best thing to do is have someone with a trained ear listen to it. I can positively identify a rod or main bearing knock, but cannot accurately describe it to you. If you have a set of plastic pliers, try disconnection one plug wire at a time while it is idling. If it is a rod knock, it usually quiets up a bit when the load is removed from it.
Don't panic yet.
If it is a rod or main, complete rebuild is nescessary because it is basically in the center of the engine.
Again, don't panic yet. It could be anything at this point.
too many times i assume the worst will happen, or did happen. too many times i've been wrong. hang in there until you find out the story (easy for me to say, because i'll turn around and unduly worry about the next thing; its my nature)
I had a knocking sound in my 86 tpi engine, I changed lifters and pushrods with no improvement. Then I got a tip that it was a carbon knock, I went and bought a can of "gm top end cleaner" and runed it thrugh the intake until the engine stoped and let it sit over the night. The next day started it up (hard to start) and it smoked like hell but the KNOCK WAS GONE put it out on the freeway and drove it till it stopped smoking.
My car was smoking from bad valve seals so I have to change them to prevent oil burning and more carbon build up.
This is defenetly worth a try before you start pulling the intake. I think there is another product called seafoam that does the same thing.
you can get a mechanics stethascope at most auto parts stores..that will help you isolate where it's comming from...could be alot of things like rods, mains, wrist pin, timing chain..unless you've had experience with the noise from each it can be difficult to determine, some guys use a short piece of garden hose as a stethascope.