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Probably more serious than you think. Given that it's an interference engine a valve stuck open would not be good. You should take out the plugs (check the plugs for unusual wear, carbon, etc.) and rotate the engine a few times. Assuming that it rotates without any noises (like a dropped valve). You can do a leak down test on each cylinder and listen for escaping air from the intake, exhaust, or somewhere else. You'll need a air compressor and tester. Auto zone loans the testers for free. That should help you narrow things down a bit.
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