Started the car up today to test the brakes and after a long week end of being on jack stands when I noticed a fairly loud ticking noise coming from I believe the #3 cylinder. Any ideas on what it could be? After warming the car up a bit and driving it around the block, it wasn't quite as loud. I also have a nice belt squeal that's developed over the last two track events. I have a feeling that I'm going to be running into a few more issues now that I'm beating on the car on a regular basis. Before I owned the car, it sat for quite a while and was only used ~2 times in a year.

Click on the pic for the vid.

Not hearing the video it is probably a lifter leaking down. These are pretty common and if pumps back up and runs fine hot then you are in good shape.

Ticking noise went away after another start up so I'm guessing the lifter got re pressurized again. As for the belt noise, still tracking that down.

I heard the noise on your video - sounds to me like a noisy valve lifter. When they start losing pressure, it takes awhile for them to 'pump-up' with oil after startup, but even when they quiet down from that, you still hear the noise because the seals are not really holding oil pressure, and it's slapping the valve. Doesn't cause immediate damage, but the fix here is to replace the lifter(s). A blown lifter could potentially cause a valve issue down the road though, so I would put it high on the list.