Car Dead-Need Help

I have a 1992 Tercel with 162,000 miles. Last week my oil light came on and a knock came from under my hood. Also, my car didn't seem to have as much power when I accelerated. A couple of days later a problems seemed to get worse. Then after 20 minutes driving my car died on the side of the rode and wouldn't start. A couple of notes about my car that might help with diagnosing this problem I changed the spark plugs a couple months ago after they got really foul. Also, my car goes through a lot of oil and after I start my car a puff of blue smoke comes from the exhaust. My question is what might be the problem with my car? And what would be an estimate to fix it. Thank you in advance.

couple of things, did you check the oil when the light came on, does the engine crank over, or just click when you turn the key, knocking noise could be major engine problem, water pump can cause noise, many possibilities, from what you are describing i would guess, engine in no good, mainly see if you can turn engine over with key and manually by turn the crank pulley, if it does not spin, needs a motor, with age and mileage, your call, might be time to move on
let me know

Thanks for the response. I actually put oil in right before it happened. I am pretty good about making sure the oil level is where it should be. Also, the engine does turn over it just doesn't start. Another note, the knocking mostly occurs when my car idles and kind of goes away when I accelerate. Hopefully, this helps a little. Thanks.

I have had the same problem and the knocking sound is from a broken con rod. My engine was suffering from the same symptoms as yours and I ripped it apart to look for the problem and I found my con rod in two pieces.

Have you checked the timing belt lately. My 81 did about the same thing, and the timing blet was missing about 8 teeth.