Here's a handy guide that Google turned up quickly, I make no statement that it's 100% accurate:
http://www.aa1car.com/library/engine_noise.htm
I would say though that it does sound like Rod Knock which is a well known condition in our cars often caused by running them on low oil.
@SupraTuned, it has little to do with the pistons and rods. They just take the beating after the damage has been done. Really it has more to do with the bearings on the crank and the damage that's been done there. Those will have to be replaced as will machine work have to be done or possibly replacing/machining of a new crank. All around it just means an expensive rebuild procedure. It's not just a simple "Replace the sensor, keep going".
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1988 Mk3 Turbo Targa - 17.5psi, 486hp, 494tq.
[img]http://www.**********s.com/supra/rsw_sig_stupidTN.jpg[/img]
Who came up with this 500px wide BS?