Loud lifter tick?

[nextse7en]

I got a steth under the intake, and yep, I've got a loud tick the doesn't go away originating at the base of the head in the middle of the engine.

Started about a week ago, during my weekly warmup (car is not driven much). Started it again today and it was noticably louder, checked the oil - two quarts low, nothing showed on the dipstick.

Now what? I put oil back in it, and the sound is not diminished.

New engine? (please god no)
Thanks,
Patrick