I've actually read that a bad tensioner on the 3.2's will cause a missleading tick and is very common.

 

I have a 1993 Isuzu Rodeo 3.2 I just changed the timing belt idler pulley and the tension pulley, it went great for about 3 weeks then about 4 days ago got this sound like the ones in those videos on page one. The thing already had tapping, but this extra noise is more than I can bear. It still has great power it has not lost a step, when it comes to power,I really hate to have to break this thing down again. But it does sound like those videos, I wonder if they could have sold me a faulty tension pulley and arm. It has 173.000 miles on it and the body is still clean it is not banged up at all, and I really like this SUV. So who knows what it could be, I think it has something to do with the timing belt system, then again I could be wrong. But it does sound like those videos. And as for the tapping the owner before me did not take great care in oil management. I knew I should have changed that spring loaded tensioner. That is the part you all are talking about aren't you ?