95 4.6 LTR. V-8 was driven through deep standing

it sounds like a critical internal failure is eminent . if the oil pressure is ok,it could be a bent or broken valve as the exhaust leak can let the valves cool to fast and warp. however it sounds more critical than that. do a compression test on that side and see if the #'s are consistent.

Try starting now. If knocking still, turn off immediately. Pull the engine oil dip stick with the engine off and check the oil level. If a foamy brown fluid (or droplets of water) is on the dip stick and it appears overfilled then water got into your oil and may have damaged the motor. You may be lucky if you have the oil/water mix removed and fresh oil and filter installed. Try running then and see if any better.

Knocking sound is serious! Best get checked out at garage!

probably hydro locked a cylinder and bent a rod.

Sounds like head gasket trouble. Thicker oil seems strange thing to do.

You may have damaged the engine. So that being said either a bad rod bearing or other issue may be something needing to pull the engine. How is the oil pressure. A rod knock is east to hear. To faster the rpms the worse the sound. Rebuild or replace.

A car will stall when driven through standing water if the ignition system is not watertight. Worn spark plug wires and coil wire, improperly seated spark plug wires, or loose distributor cap are all possibilities.
There is a spray called CRC or some agent that promotes a water drying action can be used to dry out a wet distributor cap and wires. Drying off the electrical components will remove the moisture that is grounding the electrical energy that should normally go directly to the spark plugs.
If car will not restart after stalling from the water splashing as described in the question - and the poor condition of the electrical system is ruled out, some water may have passed through the air intake into the engine and perhaps into the cylinder. If this happens have the car towed to a repair shop where they can remove the water before any further damage results. This condition is not easy to occur but a real deep puddle can set the stage for water to be sucked into the air intake and pass through the filter into the intake and through the valves into the cylinders. This is why you see a Hummer with a snorkel - for wading through deep water.

A car will stall when driven through standing water if the ignition system is not watertight. Worn spark plug wires and coil wire, improperly seated spark plug wires, or loose distributor cap are all possibilities.
There is a spray called CRC or some agent that promotes a water drying action can be used to dry out a wet distributor cap and wires. Drying off the electrical components will remove the moisture that is grounding the electrical energy that should normally go directly to the spark plugs.
If car will not restart after stalling from the water splashing as described in the question - and the poor condition of the electrical system is ruled out, some water may have passed through the air intake into the engine and perhaps into the cylinder. If this happens have the car towed to a repair shop where they can remove the water before any further damage results. This condition is not easy to occur but a real deep puddle can set the stage for water to be sucked into the air intake and pass through the filter into the intake and through the valves into the cylinders. This is why you see a Hummer with a snorkel - for wading through deep water.
Read more: http://wiki.answers.com/Q/Why_does_your_car_stall_when_you_drive_through_a_puddle#ixzz1CuKhPDHg

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it sounds like you have a bad cv axle on the drivers side.