There are some other things that will cause the movement to walk, but lets look at the obvious first. Something can be going to hell in the compensator, too.
Steve Guttag posted something about walking intermittent movements several months ago, and he said this:
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<<Another cause of wondering framing, though it doesn't sound like it in this case, is the shutter compensator...if it is vibrating..the compensator can "tap" on the intermittent case and cause it to rotate. A really bad compensator can walk the framing around in about 15 seconds.>>
<<Yes the shutter compensator is driven off the G-1803 but the shutter compensator has it's framing rod and roller (P-1479 and P-1480 respectively) riding on the intermittent framing cam (P-1708). Depending on the strength of the P-1705 clips and the vibration transmitted through the framing rod (from a vibrating compensator), the framing rod will actually push the cam around.>>
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I kind of wish more fellows would post what they did to clear the problems with the equipment. What Steve said above about a walking intermittent could also be your problem if the movement is ok.
By the way, is the shutter clanging on the housing? If you have a sprung cover, it can do that - and it could send one helluva shock through the gear train.
)If it's a "rattle" or a "knocking" sound, similar to the sound a car engine might make when it's "deiseling", your intermittent is probably about to shit the bed. How's your image steadiness? If it's getting jittery, that's another sign.
Seeing as it's now Wednesday night, you could call-in for a replacement to be shipped overnight. It will go out tomorrow afternoon and with luck it'll be there Friday morning.
If it IS a bad intermittent and you wait another day the thing could die on you in the middle of a show on Friday night! You won't be able to call-in for a replacement until Monday at the EARLIEST! That means you'll be off-screen until AT LEAST Tuesday!
Don't let your managers stone wall you on this one! Do your best to confirm this diagnosis right now!
Yes, your managers will whine about having to spend $1,000+. Tell them to look at it this way: You're going to HAVE to spend this $1,000 no matter what. (Assuming it is the intermittent.) How would they like to make that $2,000? That's what they are going to LOSE if that projector is down for the weekend!
Don - I just tried to call you - phone was busy
http://homepage.mac.com/randystankey/.Public/Sound1.WAV
Then, YOU will make THIS sound:
http://homepage.mac.com/randystankey/.Public/Sound2.WAV
These are actual sounds of me trying to fix projectors!
Randy, as for the noise....it sounds like a car engine that is dieseling. I just got back from the theatre. The noise isn't any louder than last night, the night manager must have just moved his head a little closer to the projector.

Oil in the projector is one thing. Is it being pumped and sprayed around? You should also be able to see the drip of oil from the catch tube assembly down into the intermittent.
Was the machine serviced in any way recently? Any film breaks or wrap-ups lately?
Is the noise present with film, or without film as well?
The projector still feels smooth turning over by hand. When the intermittent sprocket is in the locked position, is there any play in the sprocket? There should be virtually no play in the direction of rotation, or laterally -- side-to-side.
The description of the noise (thanks to Randy's help) made me first think of the intermittent flywheel being loose. There are two screws that hold it on. If they are loose, you can't just tighten them. The position of the flywheel on the shaft positions the cam properly. Excessive play laterally on the camshaft will cause all kinds of ugly noise. If the screws are tight, there should be virtually no play.
Keep us advised and good luck. Feel free to call the factory in Omaha, we can help.
Pat
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Ah, yes - again the good old days. I remember as a kid, the Strand had the 9-cent Saturdays. All the Gene Autry, Roy Rogers, The Cisco Kid, and Tom Mix you could handle. They even had 4 cartoons! Saturdays was always a big day for us kids in the late 40's and very early early 50's. It was a sell-out every Saturday.
It went dark for a long time, then re-opened. What it is doing today, I don't know, but I'll find out. The old Empire theater on 18th and Marshall street is now an electronic supply house, The Mikadow is a little church, and the Capitol is now a performing Arts Center.
(You pushed a green button when you mentioned Manitowoc) 
I just found out IT IS STILL RUNNING!
I took the intermittent movement out tonight. It is damaged, well a gear is totally worn inside it. One of my old school buddies showed me what was damaged on it, and gave me a quick lesson on oil changing, greasing the motor, etc. No, don't get the idea the that there was no oil. It was oiled. The small gear was just worn out, he called it something, but the type of gear slips my mind at the moment. He worked there back in the mid 90s, and did maintenence and all. In fact, he replaced the same movement in our upstairs booth. Part arrives tomorrow. Wanna guess what I'll do doing on Friday???? Thanks everyone for your help. I'll buy ya a beer if you're ever in the area. We only had to turn away 4 people who wanted to see Crouching Tiger tonight. The movie has pretty well run its course.

Next time I get to manitowoc, I'll have to see if i can get a grand tour of the Strand.
Don, is your theater part of Wisconsin Amusement? Seems as though I serviced that theater in the early 80's a couple of times. I think the owner's last (or first) name was Frank. Been too long ago to crisply remember. I remember the Simplex up stairs had a nasty shake in the lense housing then, but's that all I remember of it, other than Frank was a real fine person.
By the way, the Simplex is purring like a kitten!