Why is oil light staying on in car and also noise coming from engine ?

Sounds like a lack of oil pressure when the engine is cold. Could result in major engine damage if not sorted out.
First thing I would do is change oil and filter.
Possible causes:
1. Oil pump worn out.
2. Oil pickup strainer (filter) in sump is clogged with dirt and can't draw the oil properly until it is warmer and therefore thinner.

Bingo
September 2007