I've just had a closer look at things and the problem seems to have gone away at the moment.
Here's some detail on what I've just done now:
A soft knocking noise began not too long after I started the engine but went away fairly quickly after reving the engine a little. The engine also seemed reasonably smooth unlike it had this morning.
I turned the engine off and I check the radiator water (from the radiator) and noticed it was very low so I put about a litre or more of water in. The over flow bottle was almost empty so I added some collant/water there too. I checked the oil and that was actually touching 'L' so I filled it up till it was touching the 'H'. I opened the heater and started the engine again and let it run for a while. The radiator cap was still off and I'd say over 50% of the water I put in was pushed out again not sure why?
I replaced the radiator cap then ran the engine for a good 15 minutes with a bit of random reving and the AC both on and off but the noise didn't return. I then took the car for a short drive and it seemed very smooth and there was no knocking sounds during or after the drive.
I hope this detail might help one of you guru's pin down what's going on with my little beasty.
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get us a vid clip
No problem. Which bit would you like a clip of, the engine while it is making the knocking sound?
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rod knock = crank bearing on the way out
7m's dont like low oil pressure at all, and bearings flog out easily
I imagine that if rod knock was related to the crank then it would be pretty loud and meaty right? Should a bearing need to be replaced, would it be a real pain in the bum job? What's likely to cause low oil presure besides a faulty oil pump?