Check the oil level and see if it's just low on oil.
If it's OK, drain the oil and see if there are any metal pieces (anything from shavings to chunks); that would indicate a mechanical breakdown (thrown rod, someone suggested?)
Get a broom stick or a long screwdriver or a set of mechanics stethescopes and listen to each cylinder (intake through the valve covers or at the manifold; exhaust as near to the exhaust port/manifold as possible); try to narrow it down to a particular cylinder or part of the motor.
Keep in touch - we'll get it figured out.
