[A4] Help! Check engine light and dirty oil

[Go Cubs]

Hi there,
  I have a 98 Audi A4 1.8T 127,000 miles. This morning I turned on the car and the engine made a clanking noise and the check engine light came on. The check engine light blinked and stayed on.
  When I checked the oil, the oil was dirty though I just changed it a week a 1/2 ago. 
  How serious is this? 
  Thanks!
   

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