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ANSWER by Visitor , May 22, 2010
Camshaft timing chain tensioner block has likely worn through. Your timing chain is likely running metal to metal against the tensioner. Your camshaft timing chain will fail and the sprockets could be damaged if you don't get it fixed right away! Stop driving the car until you can get it repaired!
Your car has "shim adjusted vale clearance" so it would not be hydraulic lifter noise but could be excess valve clearance noise you hear.
More likely your car has two timing chains,tensioners and guides which are likely to be the problem, get this checked out soon as they can fail and result in very costly repairs.