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Engine rebuild? on 1990 Volvo 240

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My son's 90 Volvo 240 is making a loud clacking sound. It will start and the overhead cam turns but the clacking is deafening. I pulled the cam cover and the lifters are moving. Broken rod or valve? Could it have fallen inside the cylinder well? Possible a broken piston arm? What would the cost of a rebuild be? Thanks.
(2) Answers
This is hard to know why it is so noisy without hearing it and see it first hand. You'll want to have a shop look at this for a diagnosis, and then an estimate can be provided. If the engine needs rebuilding, you may be better off getting a used engine.
Find a good Volvo Independent shop and have it checked out: http://repairpal.com/directory?address=95603&car_brand_names=Volvo