Engine Knock?

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Pull the valve covers and check and see if the rockers are hitting the baffles like mad speed recommended. You can also check for an exhaust leak(doesn't really sound like it though). If they both check out fine I fear it's rebuild time
I've seen the harmonic balancer come apart and make a noise similar to that. The balancer has a rubber sleeve inside that wears out or pushes itself out and it causes a god awful noise when it does. Sounded like the engine was coming apart! Sometimes the rubber will stick out or you can see it wobble. Might be worth a look...
Winter can be hell on rubber parts, definitely check it out. The rubber wears out and causes the inner and outer rings to "knock" together. This is not a mustang balancer, but you get the idea
Yeah, especially this winter. This winter has been brutal on this car. Cracked the windshield, sagged the door preventing it from shutting, and now the motor. This all happened within 2 weeks from buying it.