I don't have good speakers to listen, so I can't tell on the noise.
However:
How long has the OIL light been on?
Do you have oil in it (I know potentially dumb question, but you have start some where)?
If you have plenty of oil in the pan, and the lights still on. Have you verified you have oil pressure? You want at least 10psi at hot idle and an additional 10psi per 1000rpm.
If the car has been converted to an electric fuel pump is the push rod for the mechanical fuel pump still in place? If this isn't in there is will cause a massive internal oil leak and all kinds of pressure related problems.
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