No I cant hear it when im driving. The only time I hear it is when I put my head under the car and its loudest near the timing cover area. Im guessing it might be a pulley, belt, or tensioner. You think a bad water pump or oil pump could make that noise?Have you tried taking a screw driver putting it on the valve cover and other places to try to isolate exactly where noise is coming from?
If you are sure it is under the timing cover maybe take it off and if can tell anything more with it off.
I know valve train can make ticking noises if they get too far out of adjustment but cannot tell if thats the sound exactly.
THis sound is loud enough to hear driving car on the road?