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He may have spun a rod bearing. Change the oil and filter and hope the noise goes away. If the noise gets louder or the oil pressure light comes on later, you know the engine is toast. If you're lucky, the hydraulic lash adjusters just got some air in them. The bleeding procedure involves warming the engine to operating temperature and slowly increasing the engine revs to 3500 over the course of 30 seconds and slowly bringing the revs back down to idle speed the same way and repeating until there's no more ticking.[/b]
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Rod bearing possible. Engine looses oil pressure top down, mains and rods get oil first, cams and cam followers last. I had a 2.5 that the shim poped out of a lifter, made a heck of a noise. When draining the oil, does it look like metal flake paint? If so, the engine will have to come apart to find the damage. Another old timers trick, with the engine idling, remove one spark plug lead at a time. A rod will quieten down as the pressure from combustion is removed.
PS any metal found in the oil will most likely not be magnetic, bearing surfaces are non magnetic. If you find magnetic particles in the oil thats iron and not a good sign. Relacing just the bearings is not a good idea as when a bearing spins, it kills the crank too.
If you need an engine try Japanese Engines in California. For some reason Japan requires engine replacement every 30K miles, something about emmisions. They ship these low milage engines over here. I use them quite often. Have not had any complaints yet.