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Knocking sound in 2008 Toyota Corolla

Nocking sound through crank shaft and short of oil…

How short of oil? How long did you run it short of oil?
Your engine might be toast.

To those questions, I would add the following question:
How have you determined that the knocking sound is coming from the crankshaft itself, and not from the crank bearings or the rod bearings?

In any event, this does sound like an engine that is in need of replacement.

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If you have only driven a short distance since the noise began, you might be able to get away with changing the defective bearing(s) from below. You would drain the oil, lift the front of the car on jack stands, remove the oil pan, and pull/wiggle each connecting rod from below to see which have excessive play. And of course, clean any debris, metal shavings, etc. from the oil pan.

Then, it’s just a matter of taking apart the connecting rod(s) and changing the bearing inserts, which would not be terribly difficult. Light scratches on the crankshaft journal(s) can be cleaned up with ultra-fine sandcloth (600 grit or higher). There are videos on Youtube which show how to do this repair.

The problem is if any crankshaft journal is ovaled out to the point that even with new bearings it will still knock. I picked up a 1994 Sundance last September, which had a knock, with the intention of doing this type of repair. Unfortunately, the cylinder which was knocking had already had the bearing inserts changed at least once (different date code stamped on them compared to the rest) and the journal is severely ovaled out. I am therefore replacing the engine, because the effort to replace the crankshaft on an engine which likely has other problems is just not worth it.