Yep, sounds like the IMS death rattle. If it were my car I would lock the motor at TDC, lock the cams, and pull the pan to see how bad the grenade fragments are. It might be salvageable yet. Best of luck to you.
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2009 Cayman 2.9L PDK (with a few tweaks)
PCA-GPX Chief Driving Instructor-Ret.
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