Quite possibly. But make sure it is coming from inside the engine and not just an easily replaceable external part like fan or something. In the worst case, you hear a rod knock. Those engines are pretty tough, and if this is the case you must have run it low on oil where the rod was starved and the bearing area which is crucial for it to be tight got loose, which further starves the car of oil. How's the engine oil pressure? Also, check how much oil is in there. FYI, just starving the engine of oil for a brief secon can cause this to happen. I see it all the time when someone punches a hole on thier oil pan from a manhole cover or something, even if they pull over immediatly. It may be a month later, but it usually leads to this kind of damage. I hope you find something external. Personally, I would rebuild the engine, but these days it will save you money just to put in another motor, typically used.