Would the engine oil light come on though if it was something auxillary. Did you use any internals from the old engine in the new one?

 

Who says the CEL and the noise are related? The OP could have plugged something in wrong, damaged a sensor, or the motor could have a bad sensor.

 

Nope no internals were changed over or anything.

hopefully its a sensor or something.. but why would the light be flashing X(

 

Flashing light means misfires

 

yea thats what i expected that it was misfiring cylinder...

i hope its not that bad tho =/

 

rod knock sounds like someone knocking on the front door of a house. its actually massive clearance between the crank and the rod bearing.

more people mistake something like valve train noise for rod knock and vice versa.