Well, for about a month my power steering pulley has been squeaking a bit, I thought nothing of it, figuring I'd replace when it got worse. Tonight one of the times I started it up I suddenly have a loud knocking sound that speeds up and down with idle, and I see oil all over the front driver's side of the engine, and its also hitting the belt and spraying onto the underside of the hood. What could this be? It doesn't sound loud enough to be a broken rod or a cracked piston. And am I right in assuming that this isn't connected to my squeaking power steering pulley? I can't get a good look at the engine because its dark out, 45 degrees and downpouring and I have no garage.

EDIT: I'd just like to add that I can't notice any major drop in power (though I granny drove it home) and if you ignore the knock, the engine sounds like its running great. It's coming from somewhere right around the pulley/ intake manifold

 

Usually power steering pump pulleys won't squeek, but the pump internals will make more of a groaning sound while turning if the pump is worn. It's possible on of the other pulleys was the squeeking and the bearing finally gave out. Did the belt come off and cut into p/s hoses, etc?

 

The belt is fine, not frayed or worn at all. I definitely think the pulley was squeaking, I've heard power steering "moan" before and it wasn't anything like that. This new noise sounds like its in the engine though, unless maybe the pulley is shaking back and forth making a "knock." But that doesn't explain the oil spraying

 

Also tomorrow I will try to get a video up of the knocking

 

This is almost the sound that it's making. I'm guessing this is the problem, broken piston skirt.