The lack of oil may have caused a bearing to spin. The noise is most commonly called a knocking rod. Time to rebuild or replace the engine.
Vanos
Take it to a mechanic.
sounds like you need a valve job. how many miles on this car?
Sounds more like a lack of oil or oil circulation problem. I hope you are not one that races the engine to hear how good it sounds. Flush the engine, change the oil and filter and never race a cold engine to warm it up. The rattling may be worn out lifters. Now pray. lol
check the cat shield it may be rotten and rattling If the sound is coming from the engine compartment (or sounds like it might be)and rattles mostly without the clutch pedal being used, but seems to rattles less or even stops with the clutch pedal depressed, it could be the throwout bearing going bad on the clutch assembly.
It could be a loose radiator grill, license plate holder or similar. It could be a loose cap in the engine compartment or even a problem with the engine.
There are several scenario's that may cause the engine to rattle. 1. The air condition has a pulley that wraps around the compressor and alternator. If that belt is loosen and hasn't been tightened it will make a rattling noise.2. The motor mounts may be worn and need to be replace.
No
Maybe Its The Muffler or the pistons hitting the engine
It rattles very loudly when not moving.
Have vehicle scanned to determine the problem
The oil light is not there to let you know the oil level is low. It's to notify you that the oil pressure is low. There are many things that can cause this, and being low on oil (you'd actually need to be almost completely out of oil) is only one of them. Take it to a mechanic to find out what the problem actually is. "Rattling from engine" is a bad sign.