My 04 Mach does the same thing, but only when it sits at idle. Ticking from the passenger side and when you stick your head under it gets louder. As soon as you hit the gas or drive you cant here it... I believe its an exhaust leak.
Here is my car: dont mind my brother lol.

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*ARH Longtubes + catted x-pipe and SCT tuner Here!!!*
04 Anny Mach 1 (Accufab Twin 60mm TB, drop in K&N, weld-in Flows)
96 Ford Mustang GT (sold 5/23/09)
88 Mustang GT 5.0 (sold 8/22/08)
91 Camaro RS (sold 7/25/08)
86 Nissan 4x4 (sold 3/15/07)
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