95 engine knocking after going through bad puddle

i have a 95 cougar XR7 8 cylinder that died after going through a very bad puddle (more like small pond). the engine light never came on nor did the oil pressure light, however now the car has a very loud knocking sound that speeds up with acceleration. the oil was low after the puddle incident and i want to know what would cause this and if this is going to be a serious problem or something minor that can be lived with. the car seems to run fine other than the noise! please help any info greatly appreciated along with any suggestions on how to quiet the noise!! :uhoh: :dunno:

Could have sucked up water into the intake. Water doesnt compress like air does. If water got down into the cylinders, your rods are toast.

your engine is gone.

what were you thinking!!!!!! a small pond!