How 'low rev' are we talking?
If it was rods or bearings you'd get a louder/faster knock as the RPMs went up, so I think we can say that your probally fine there. However if it's only at low revs I immediatly start thinking oil pressure. At idle the engine should be around 1400-1700 RPM.
Like Jay said, try some new plugs. Do you know what cylinder isn't firing? Is the spark plug damp or dry after running? Try swapping it's plug out with one that is, did the problem move?
If new plugs don't do it and the plug is damp (IE: Has fuel in the cylinder) then we move on to checking the coils and compression. But for now, let's just worry about the plugs and if it's getting fuel or not.
Something else the knock could be, and I think Jay is thinking this too, is a misfire or preignition at low RPMs. Not normal, but there are a ton of things that can cause it, from inproper timing to plain old bad gas or, yes, bad plugs.
It's hard to diagnose 'knocks' and other noises without actually hearing them. We'll try and point you in the right way, though!