To part out... or repair (new motor)?

[linearpower]

The Scenario:
Ok... so... I have a 2000 900Sie... it just blew something in the cylinder. I got on, started the bike, went a block, and all of a sudden it sounded like with every stroke of the piston there was some metal hitting metal... really loud clang, like a hammer hitting steel. No noises prior to that and the bike was running fine all summer. Just had the valves done two months ago.

So, I figured that sounds like piston hitting valves or something like that, or con rod problems or con rod bearing problems... all of which are pricey to fix and the bike isn't worth all that much really, even thought its low miles and in great shape.

The Question:
So, do I take it apart myself and make a sorry attempt to figure it out, I'm no mechanic by the way, do I part it out and see what I can make on it, or do I swap out the motor for a different one since just swapping the motor isn't rocket science... This, me friends, is my current dilemma.

(oh and if I swap the motor do I then decide to make it a custom project and just do it.)

The bike has 9000 miles... is well kept, has a worked suspension... nice parts on it... well serviced, or at least so I thought, and now this... What the hell Ducati...!!!!!

Anyway... what are the thoughts that this generates and what would you do...? I'm at a bit of a loss....

[KrakHor9]

Are you somewhat attached to the bike?  Do you have your eye on another bike?
If you want to keep the bike, yeah get a motor!  It's a shame to see a good bike disappear....
Unless of course you are selling some part I need and it's REAL cheap!

[Howie]

IMO, the 2000 Sie is one of the most desirable monsters.  Bottom end damage is too expensive to fix, so the sensible option is a used engine.  Top end is more repairable.  I would certainly at least remove the heads and take a look.

[Desmo Demon]

Pull a belt cover and see if you broke a belt. Then, investigate further to see what kind of damage there is. Personally, I'd hunt around for another motor for $600-$1000 and do an engine swap if the bottom end is damaged. If it is all top end, I'd just fix it. Or, use it as an excuse to swap the engine, then turn the original engine into a coffee table. If anything happens to the replacement engine, rebuild the original and put the replacement one in the coffee table. 

[linearpower]

I have a potential motor I can get for around $550 that should work in my bike. I'm not clear on the history or condition of that motor yet but I'm looking into it.

The idea of rebuilding a motor sounds like a huge task for someone like me who has never taken an engine apart before. My first thought is that it could be a potential disaster... 

Either way... I'm taking your advice and taking the bike apart a bit this weekend to do some diagnosing of the issue... and I'm guessing I'll have to see from there. The noise it was making was just awful and my sense is that it just SOUNDED expensive....