05 wrx was driving fine yesterday but on the way home started sounding weird like a pulley was squeaking. Started it up today horrible grinding noise and metal shavings coming out of the right side of the timing belt cover. Has anyone ever heard of this? thoughts on if my valves/pistons any internals are F'd?

 

if its coming out of your timing cover its probably one of the pulleys or the tensioner. dont run it anymore, if something lets go and your timing belt comes undone you'll be looking at redoing the valves in at least one of your heads. Get it towed to a shop.

 

FLATBED to a shop. Agree with Krink that it is likely a pulley or tensioner and you're playing a very expensive game if you keep driving it.

 

thanks for the input, i have an appointment set for tomorrow and will be getting a tow for sure.