If it is a definite "diesel" sound, then the timing gear has to be replaced at the camshaft. It will sound just as though the engine were a diesel setting there idleing.
If it is a repetetive slap/rap, slap/rap, slap/rap sound then it is the wrist pin issue. If it is WAY, WAY loud, the piston is probably hitting the head or broken.
Both noises were very, very common on that engine.
If the converter bolts are loose, the noise will stop when you drop it in gear (loading the torque).
However, either way, it is a pretty simple fix all said and done.
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