Re: mercruiser 7.4 big block knocking or popping through carb help needed
That sound is an intake valve leaking by, badly. Probably bent or stuck in the valve guide, which probably caused the pushrod to fail. Bending usually happens when engine hits a high rev condition and the lifter or valve spring "floats", causing the piston to hit the still open valve, bending the valve stem or valve head. This causes it not to seat properly, causing the severe valve leak you are hearing.
Seen it happen many times before. Valve bent, OR stuck in guide in an engine that sat for a long time causes pushrod to bend / break. Pushrod stub usually ends up sitting on head or in the lifter valley under the intake, more often than falling past cam and into pan. Have seen the pushrods pierce the rocker arms / valve covers (one even went though the hood) on SBC's before too. If stub did make it's way to oil pan, and you don't want to pull engine, just leave it there, as it'll just sit in the bottom of the pan, stuck in the sludge that's probably in there.
Sometimes, if just stuck, the valve can be freed up by applying mystery oil and thumping w/ a hammer (have done it on a clunker engine and lasted for years afterward). Personally, though, I would pull the engine, pull heads, do a valve job, pull pan and find the piece of push rod. But I would also check the bearings while in there too.