What causes sudden loss of power, engine shaking and loud valve tapping?

flashing light means do not drive or u will cause futher damage. have codes scanned to determine misfire data or other codes

Any time the Check Engine light flashes, it means that there is a misfire present that will damage the catalytic converter. As the previous answer stated, stop driving the car until you can address the misfire. It also sounds like there is a mechanical failure if you are hearing a loud tapping sound. You should have someone familiar with these engines diagnose the problem. Has the timing belt been replaced within the last 80k miles? It is possible that the belt has jumped due to a mechanical failure of a timing belt tensioner, roller, or water pump. We would be happy to look at it for you. Thanks, James EuroAsian Garage Seatac, WA www.euroasiangarage.com