If the sound is a rod bearing and the crank looks good enough to slap a rod bearing in, trust me, its not good enough. But that means the crank is most likely save-able. Your local engine builder could turn it .010" and then it would be fine. This way will also get you a fresh bottom end, piston rings are about $150 from what I just looked up on the internet and machine work normally runs about $150~$300 depending on the shop and the work being done. You could most likely rebuild the bottom end for around $500. On the other hand you could find a used eBay engine ready to go, complete for around $500~$650.
The choice is ultimately yours but please, dont just "throw a rod bearing in" because not long after that you will throw the rod again.
Trent "Rockstar" Petersen