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Q: oil everywhere! on 2002 Volkswagen Cabrio

I went out to warm up my car this morning. 20 minutes, I went out to leave, and there was oil everywhere under my car! It was making a very loud knocking sound and the oil light was on. I did not drive it. Is it save to drive to the mechanic, and any idea how much it will cost to fix this?
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It is not safe to drive check the oil level on the dip stick in the front of the engine and see how much oil you have to add to bring it to the correct level. The sytem only hold just under 4 quarts. I would suspect the oil filter has come loose or the oil cooler seal under the oil filter has a bad seal. In either case it is not safe to drive or it may result in serious and expensive damage. Check the oil filter is tight it is in the front lower middle section of the engine turn it clock wise to tighten.
shmrock54 what did you do and how was your situation resolved. I am having the same problem and do not know what to do?
There was cracks in the exhaust system: I had to replace the whole thing - to the tune of $1200. Not good.
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