Sometimes you may hear a piston slap when cold but when warmed it generally goes away. I would remove the serpentine belt and listen when the engine is warm but not hot, more time to listen. You can run without the belt for a short while just try not let the temp climb over 210.
Listen at the top and close to the oil pan, usually a knock is more pronounced near the pan.
What oil are you using and how many miles on the oil?
I have been using Mobil 1 for quite awhile and like some others have stated over on BITOG about switching then having their motor quiet down I wanted to try something else. I switched to Valvoline Pure Syn and it's seems quieter, we'll see after a couple thousand miles though but I noticed a difference when cold. I would think full synthetic is full synthetic as far as flow is concerned but who knows.
Sounds like a slight knock but hard to say. I would disconnect the belt and have access to all the coil connections then pull one coil lead at a time and see if the knock goes away. You may need someone to step on the gas and raise the RPM's to 1500 ish or where the knock is loudest. If you have a rod knock or wrist pin (doubtful) knock then this will isolate the cylinder and confirm a rod knock.
If you don't have a knock it would be wise to check the oil pressure with a separate gauge at the pressure switch to confirm good pressure.
Doing this may throw a code so after each coil disconnect let the engine idle for a few seconds but you still may throw a code, don't do this if you need an emissions test this weekend.