Someone once told me that i should drain a quart of oil and add a quart of transmission fluid to the oil and that this could potentially clear up a ticking sound that may be a valve lifter. Any thoughts???

umm... no. People put ATF in there oil usualy to de-clog there engine. Its a little trick mechanics do to clean up oil sludge. Forget ATF, get yourself some Lucas Oil Stabilizer. drain the oil in the car, put 4 quarts of oil in the car, then 1 quart of lucas... it should work like a charm. the ticking sound could be a couple of things thats why i say it could work.

I've done it and it worked. I put it in during the last 500 miles of my oil change.

your ticking may be an injector oe exhaust leak too, might not hurt to investigate it a bit more

ed- whats with the smilie?