Engine knock is more accurately called "pre-ignition" or "detonation". It's when the fuel and air mixture ignite before the piston reaches the top if its stroke. If the engine is too hot, the fuel octane is too low or the combustion chamber pressure too high (or any combination of the three) you'll get engine knock.
When it is audible, it sounds like someone is rolling dice under the hood. It is not always audible. If you hear snap, crackl, pop...you have a problem on your hands..