Even if this is a rod knock, chances are it's no big deal. I drove mine for nearly a year - and when I finally tore it down, the rod was slightly roasted, but it hadn't gotten any worse over the year that I drove it. Just make certain you always keep oil in it, and it should run for a long time.
Rod knock usually shows up when you are changing load on the engine, and at 2500 - 3000 rpm. You can't hear it at WOT to begine with, because the engine is louder than the knock at WOT.
Open the hood, and free rev the engine, letting it peak at about 2800 rpm. If you can hear it start to knock as the engine is peaking and starting to fall in revs, I'll bet you have a rod knock. If this is the case, don't worry about it... with one caveat - if it starts to get worse, stop driving - and I mean right away, get it towed to your buddy's place and pull the engine.