This does not sound good at all. STOP operating the vehicle as you may likely be doing huge damage.
Here's my take: You say the oil is full, I presume that you mean the dipstick.
The oil light does not relate to oil level, unless you run out of oil. What the light means is you have no oil PRESSURE. If this is the case, that is bad. Something broke or some tolerance somewhere in the pressurized oiling system is damaged.
A mechanic will often be able tell what is likely, by hearing the noise, but do not drive the car there, do not run your engine.
Anything in the above area is costly to repair, usually.
Sorry for the downer news....
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