doesn't sound good i'm afraid. lost oil pressure can mean the oil pump failed, the oil level was too low, or the head gasket went. that fact that it "spat all its water out" suggests a head gasket problem. i'm making a guess here, but i think the knocking noise may have been the oil pump, and the water is a sign that the engine overheated due to low oil circulation, which caused the head gasket failure. the fact that this happened in a few miles makes it less likely that the car overheated, unless you let it idle for some time before you starrted the journey. i guess the other option is that the thermostat stuck because the car has been sat for a month, which meant the engine overheated quickly, and then the head gasket went which caused a loss of oil pressure and water. in that case the knocking is more likely to have been the engine overheating or head gasket failure causing compression problems in the cylinders. was it a knocking which increased with engine speed (oil pump) or was it more of a loss of power and rough running (overheating & headgasket failure) either way i think the headgasket has gone, and no matter how it happened finding the cause is just as important as replacing the gasket. i hope im wrong