Yeap...sound like the timing chain hit the valve body cover...pull the oil pan to check for broken timing chain guide....most likely you will see some pieces in the oil pan. It's going to be a big job. Just did it last month...wasn't that bad but prepare for 25+ hours labor. Good luck!

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Current Garage
2003 Black 4.6is
2001 Silver 528i
2008 Civic Hybrid

Previous German
1994 740il----give it away for free
2001 X5 4.4---Trade
2001 325i-----Sold
2004 325i-----Sold
2006 330i-----Sold
1994 Audi 100-Sold
1997 Audi Avant-Sold
1996 Audi A4--Sold
2002 Audi A6--Sold
1999 Benz S320-Sold
2003 Benz E320-Trade