Hi everyone. I just discovered this forum today, looking for an M42 club.

In mid July I purchased a BMW 318is for $1k, one owner, approx 200k miles. When I purchased the car it had 2 bad front wheel bearings, leaking rack and pinion, disfunctional parking brake, and a bad center support bearing. A few days ago I finally finished with fixing these known issues and changed the oil/filter using 5w30 Mobile 1 fully synthetic, and started driving the car as my daily driver.
Last night when I started my car up outside it was -5 degrees out, and had been sitting in the cold wind at an airport. When I started the car I heard a loud sound coming from the engine. This sound exactly followed the engine RPM. I stumbled on a video on the internet of a car making a similar sound, except the owner didn't rev the engine to show that the sound follows the engine RPM.
http://www.ecn.net.au/~udha/videos/engine-ticking.movOn my car when I revved the engine the sound stayed the same volume, but the noise RPM increased exactly with the engine. You can notice in the first 5 seconds of the video above that that car also had the sound follow the engine RPM, when the engine raced for a moment on startup.
The sound is so distinct in the video above, I hope someone recognizes it conclusively. I'm going to try to shoot video of my car tonight when it gets cold, and see if it does it again.
Any ideas on what might be causing this sound? Is it bad to run it sounding like this?
Thanks,
Joseph