Loud knocking is not a good sound. You may have thrown a connecting rod; you may have connecting rod bearing failure, You may have a cracked or broken piston. You may have bent valves. You may have a cooling system leak into the combustion chamber which will give you clouds of white smoke. You may have a combination of other problems. Go to see a mechanic ASAP to see if he can do a computer diagnosis on your knocking problem. I doubt that this is all coming from a bad head gasket. You may want to consider installing a rebuilt or refurbished engine for your Ranger.
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