This was happening to me, turned out my passenger-side balance shaft gear walked itself off the shaft causing the chain to jump and ride the shaft (lol). Knocked a few teeth off too. Car sounded like it had a busted supercharger on it it was whining so bad.
http://www.audizine.com/forum/showth...1#post11802460
Don't know how common this is, but I lived with it for a couple months until finally figuring it out after replacing the motor. There is a little cap on the front of the lower timing cover you should be able to pull off to check this without doing anything too invasive, if you can get down there. Will probably have to pull the nose and radiator off though. Definitely rule out an accessory/pulley issue by running the car with the serpentine belt off first. Which it looks like you did, but just wanted to say that for anyone else reading this thread with the same problem.
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