Also pistons slapping against the cylinder walls.
Don
Here is a list of things that knock

Fuel Pumps
Oil Pumps
Distributors
Flywheels will knock if cracked
Rods
Mains
Valves slapping the pistons will knock and thusly bend the valves
Worn lobes on a camshaft
Heat Risers

If it is not getting progressivley louder, you can rule out rods & mains, you have an electric fuel pump, so that is out the door.  If it is missing and running like crap, my guess would be a worn cam lobe.  Could also be a carbon knock.  The best way to check that is to pull the heads.  If it is an older rebuild or not rebuilt at all, this is a good possibility.

Tom

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