I drove my Wife's 2004 F150 FX4 for the first time in a while yesterday. There was a ticking noise coming from the Passenger side of the Motor. Sounded like an Exhaust leak at the manifold, but I could not locate it. After futher inspection it seams to be coming from the top end of the motor.
We were on the way to the lake when i noticed it, and the truck barely had enough power to pull the boat out of the ramp. Normaly we don't use her truck to pull the boat, but it has never had any trouble the few times we did.
See below for specific on the truck.

Any ideas?

2004 F150 SuperCrew 5.4L w/ 60,000 miles
3.73gears Completly stock.

 

I took the truck into the shop and had them check it out. It is not setting off any CEL's. He checked the Catalitic converters, they were both fine.
The power comes on strong for the first second, then falls off. If you hold it at WOT the motor rev's to the redline before shifting, but it takes for ever to get there. It feels like you are pulling an extremly heavy load.

Any Ideas?