Whats that noise coming from my 318?

what is the purpose of using "marvel mystery oil"? if it turns out to be a stuck lifter, how would i get it unstuck? machine shop necessary in that case?

Because that's specifically what it's made for. To get into the lifters and help free them up. It does not work every single time, but it does a lot. It's a cheap try before having to tear into the engine.