Loud Metal on Metal Contact! What could it be?

[NeedDSMinMyLife]

Alright so i looked through the forums and couldnt find something similar, but the other day on the way to work before i noticed i needed a quart of oil!! I pulled up to a light and noticed a CONSTANT Knocking sound and as my RPMS would go up in normal driving the rate of the knocking would increase.... So i decided to leave it @ home for work the next day and the ol' lady decided to take the car and it made it about 3 miles then died on her! just after that (While i was @ work) it made it about another mile and a half... And died.
So after work i was able to drive it about another mile then it died (keep in mind the knocking is continuous during normal operation and is not driving to the fullest potential), it was a matter of blocks from home and had someone tow it home while i was @ school... So yesterday i checked the compression and i got 1;105 2;95 3;125 4;125. Yes very inconsistent but any ways the knocking is a bit worse than it was originally was probably due to driving. it sounds like a valve hitting a piston or maybe a rod? i was told maybe my timing jumped but ive yet to check that, or maybe that a lifter is stuck or something with the head components, altough its hard to tell if its coming from the head or block so ill have to get some hose and check. But has anyone ever experienced a similar problem or have any input!

 

[1stGenTSi]

Sounds like you spun a bearing. You will be able to tell that the knock is coming from the block and not the head using a stethoscope or metal extension/hose like you said. If you still can't tell, pull the valve cover and check the lifters. Those compression numbers are awful though, either the head gasket is shot or the piston rings are worn out. Maybe it got more than a quart low? Good luck.