Hell everyone! I have a 2003 P5 and I have noticed that there is a clicking (or knocking) noise coming from the timing cover area. I have checked all over to see where this noise is coming from. The only thing I see is some oil seeping from the timing cover (also the cover is cracked) and the valve cover gasket is seeping oil to the point that all I smell is oil burning when I get out of the car. Any thoughts of what it could be? Please help! I know that I'm going to have to replace the timing cover and the valve cover gasket. Hopefully I can get some pics on here. Thank you!

 

mileage on the car...?
it very well could need a timing belt change, or possibly need the valves adjusted. Either way the leaking head needs to be replaced, have a mechanic look at it and get more than one opinion before replacing anything... though if it's due for a timing belt, get that done and see if it fixes the problem.