Good News Everyone, It was in fact just lifter noise. I had to let it run over half an hour but the noise went away and it ran smooth as can be. Now all that is left is to wait for warmer weather!!!

 

That's great! I love it when they heal themselves.

 

i have a 98 boxster and i hear knocking sound coming from the engine too. took it for a ride with a friend that drives a sti and he told me it was just the air intakes. he said his sti makes that sound too some time. any thoughts on that?

 

Pretty confident the noise I was hearing was the lifters. It took a while for the ticking to go away but eventually it was gone completely. I don't think i've ever heard the air intake making a knocking noise...