Piston or Valve?

I have a tapping noise coming from the passenger side of the engine. Sounds like its coming from the passenger cylinder head, but not sure since it's so dang loud now. If anyone wants to hear it, I can drive it still. I am wondering if it is a bent valve or a piston knock. I'll try and get a clip of it too if possible. This noise goes away at higher rpms over 3k. Oil levels haven't dropped, but people have told me that black smoke comes out of my exhuast. Oil changed regularly, but waiting on this last one since I'm not driving it anymore. Had minor oil leaks, but it has stopped. Has powersteering leak. Water temp does ranges from 210-230 degrees during normal driving, any speeding or downshifting results in going over 230 degrees.
Specs on mods, stock FXT heads on stock STI block, mod wrx injectors, not running AVCS, stock headers, MRT uppipe, MRT turboback, UTEC, ECUTek ECU, all 02 WRX.
Any suggestions? Valve or Knock? Any help would be appreciated, thanks.

 

I wouldn't drive it if I were u....pray for the valve or piston rod....

 

I'm hoping it would be the valves, but I'm unsure, just need some help IDing the problem.

 

Its all because you have Naruto & Sasuke in your avatar.

Please don't drive it anymore. Did it start and slowly get worse? Did it just happen, and when? How long have you been driving it making this noise?

 

I'll try it and post where the noise may be coming from.

It started last year and slowly got worse. It just got really bad in the last couple of months. Again, oil is fine, but the noise gets louder when oil drops a little too.

 

Alright, I've looked up some videos on using the screwdriver thingy to listen to where the noise is coming fro,. I haven't done it yet, but how will I know from listening to the screwdriver, vibration, noise, humming?

 

You'll be able to pinpoint the noise by putting your ear to the screwdriver (plastic end) and putting the tip on the suspected areas. The noise will be clear when you find it.