Mitsubishi: knocking noise???, crank shaft, mitsubishi eclipse

Question
Hey,
  I asked you about my 1999 mitsubishi eclipse rs yesterday.I was red-lineing my car one night at about 7-8000 rpm for about 3-4 seconds and now when i turn it on it knocks once and doesnt knock when its ideling but once you get going the harder you press the gas the faster it knock. The oil light came on for a second but then went back off right after i redlined it. I only drove it about 5 miles after i first heard it make that noise to get home and now it just sittin. It still runs and starts fine but i dont want to drive it because im afraid i'll cause further damage. Do you think its my bearings? How much do you think it would cost?
 Thanks
         -Hunter


Answer
Hi Hunter,

Yes, the lower end bearings over heated. This in turn scars the crank shaft and connecting rods. The dealer sells a "short block" for about $2200 and the book calls for 22 hours to change it out. You'll need a new water pump also to keep the warranty valid. I would do it at my shop for about $4000. It wouldn't be worth rebuilding the engine you have because by the time you bought all the parts and had all the machine work done it would end up costing the same or more. If you continue to drive it, one of the connecting rods will come flying through the block. I wish I had better news for you. Sorry.