I was given a 1987 Wellcraft 192 Classic with the dreaded 3.7.I checked oil and coolant before I ran the engine.I ran it on muffs for about an hr before putting the boat in the water.Put it in the water and found that the direct drive alternator was no good.Converted it to an external alternator so we are good on that.I ran it a few times while diagnosing the alternator issue.Took the boat out on its maiden voyage and it ran like a top.The next day my son my wife a friend of my son and myself loaded up and shoved off.Took an hr and a half ride,I kept a close eye on the temperature and the oil pressure . We stopped at an island for about an hr.The boat fired right up and we were heading home.After 10 minutes or so we heard a rapping coming from under the hood I happened to be looking at the oil pressure when the noise started and the oil pressure never moved from where it had been(around 52-55 lbs)and the temp was around 150 degrees.Shut it down checked the oil all good,started it and the noise is steady.Ran it back to the marina at about 1/2 throttle and besides the noise it is running perfectly no change in oil pressure or temperature.2 hrs this boat ran and the noise didnt change didnt get louder and didnt get quieter.Tied it up and left,didnt want to try working on it at 7PM on a Sunday.Went down a few days later and checked the oil again,and again right at the full line.Started it up and let it warm up as Im looking around pulling the valve cover and unplugging plug wires.Didnt find any problems under the valve cover and the noise didnt get any louder when I took the valve cover off.But when I unplug #4 the noise goes away,doesnt get quieter it GOES AWAY.I drained the oil and ran it through a coffee filter and not a spec of metal and I put 5.5 qts of 10W40 in it with a new filter and the noise hasnt changed.Im an ASE auto mechanic and have heard MANY knocking rods and this doesnt sound like a rod especially since its been run for hrs and hts with this noise and the noise hasnt changed.Any ideas?