Ouch! Audible knock?!?.... Not good!
I'm ASSuming this was in 3rd or 2nd gear?... It shouldn't knock that bad in 1st (less load), unless you're running some MAJOR boost or some crappy gas.
Change the chip & get an alky kit, and you can be like Guy (BADDGUY6), who NEVER calls anyone out or street races anyone....