ford 4.6 motor issue...need technical help!

[the big edbosky]

hey guys i need help trying to diagnose a noise. my friend has a 02 mustang gt 4.6 with a procharger and aprox 8-10lbs of boost. the block is bone stock it has a spec clutch and a cat back but not much more. the procharger is the biggest mod on the car. anyhow he was leaving my house and decided to get on it. the car sounded like it spun hard through first and second then he went into third, but then quickly let off the gas. he said the clutch let out a nasty squeal and then he coasted. by then he was home. then he said the rpms dropped hard as he was pulling in the driveway causing it to stall. he got it started to get it al the way in the driveway but the car was making a nasty ticking sound. i went over to take a listen and the sound had a rapid pace to it and sounded as if it was in the valve train (like a lifter tap). the car fired up and ran with no problems other than this ticking. we didn't rev it for fear of damaging something further.
as far as the sound from the clutch, i imagine that is from that brief moment where the motor slows down rotation quicker than the trans and driveline. but this ticking has me stumped. what should we look for. i thoght maybe he lost a cam follower but the motor dosen't sound like it has a miss. could the lifter be shot from high rpm's maybe collapsed or lazy.
help me out if ya's can. thanks guys

[adamsvega]

ticking can be the steel headgasket pushed out just enough to act like a read and chirp with no other leaks, my G/N did this!!
the valve train is stable on them but the chain can frag. / if you lost oil to the head your could score the cam jurnal .
good luck

[the big edbosky]

thanks man. i think we narrowed it down and it seems as if though he has a rod knock. from what i have been told pre 02' motors have an issue with loosing main bearings. and his was a 98'. like i told him, now he has a good excuse to build something bigger and better.