Mustang Boards - Not sure whats knocking.

So im getting a pretty crazy knocking sound coming from either my clutch or tranny.It started while driving yesterday.I downshifted to 2nd gear because i was coming around a corner slowly and as soon as i let the clutch out it began.

The sound is very loud and sounds a lot like a knocking engine but the sound goes away as soon as i push in the clutch..Like goes away 100% which leads me to believe it has to be in either the clutch/tranny.

The car still moves just fine which leads me to believe its not the transmission.Im not positive but i would assume if the tranny was broken enough to be making a sound like this it wouldn't still be working properly.The clutch is a king cobra installed about 5,000 miles ago and has been working great since install.

Im really confused on what could be causing the noise. I plan on pulling the tranny this week in hopes that its just a broken spring or something like that on the clutch.But if i dont visually see anything broken on the clutch/pressure plate im really going to be lost.

I have a video being uploaded to youtube right now showing the sound but its taking forever.Ill post the link as soon as th video is ready..Any help here would be appreciated.