oil Pressure Drops, wierd noise, then battery cuts out. Huh

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esv9591

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Finally got my '03 insured and running today after 2 months after having bought it used. All the fluids are where they should be. So why does the oil pressure drop after a short 5 mile drive? I get a light saying "Hi temp/Low Oil". Like i Said the oil is like it should be and so is the coolant. The engine temperature stays the same. Just out side me house the engine started to squeak and a loud ticking noise would appear only between 650-2000 RPM. it seemed to originate from the drive belt. I turned the engine off and the battery cut out. To test if it was the battery that had died, i swapped the one from my '97 Expedition and the '03 turned on just fine, no squeaking, just the ticking sound, and oddly, the '97 turned on just fine with the supposedly dead battery. any one have any idea what is happening?

may i also add, the Battery light has been on since i bought it. could all this be caused by a failing alternator?
 

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