Piston Slap?

[Ivan141]

Hi Guys,

I'm recently noticing a nasty knocking sound coming from my engine when it's cold. It's a low frequency tap that is pretty loud these days (subzero temps around here). I can only hear it when the engine is under load.
I'm afraid this old engine of mine is on it's way to an early retirement. I suspect it may be a slapping piston, which would explain the sound going away when it's warmed up, question is, will it survive this condition for a while, or should I start putting some money into rebuilding my old engine?