engine noise - how concerned should i be

[kd42027]

just one day out of the blue, when i started my car the engine started clicking really bad. I was told that it was either a lifter or a rod. I checked the oil and it was almost not even reading on the stick. So i put in two quarts. As soon as i put in the oil the loud clicking noise got a little bit quieter, but only for about 30 seconds or a minute and then it went right back to the loud clicking. It makes noise both when it is idling and when i accelerate, but then lets off when i am driving once i let off the accelerator. I do not know what a rod or a lifter do... and i called a shop and they told me that i need an engine overhaul and said it could cost up to $3000 if it was a rod. My major question is how likely is it that something really bad will happen if i don't get it fixed quickly. Should i even be driving it? How much time do i have? I don't have $3000 and i have 2 kids driving around with me. Can anyone give me some insight?

[Bob D.]

A lifter can be repaired for a lot less than $3,000. If it's a rod bearing it will be more. The $3,000 is for a rebuild.

My major question is how likely is it that something really bad will happen if i don't get it fixed quickly. Should i even be driving it? How much time do i have?

It's impossible to answer since your mechanic can't tell what's wrong over the phone, sounds like he just gave a worst case scenario. Why not take it in to the shop?
If it's a clicking sound you may be in luck - a bad lifter will click while a rod bearing will knock.
Whatever it is it will get louder before it fails completely.