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I've got a 76 f150 with a 360, when it idles it sounds like it backfires out the exhaust every 20-30 seconds or so. It's not real loud, just a pop. I'm not sure what it is. If it's a carb adjustment or what.
Just about any misfire can cause this noise you hear. I would start with plugs as LX suggested. OHM the wires to make sure they are good and then check the cap and rotor. Check ignition timing, I beleive 6 degrees BTDC is spec for FE's. Check the idle mixture adjustments. Turn the screws on the front of the carb until the highest reading on a vacume gauge is obtained.
Don't overlook a bad distributor cap or moisture under it. If the spark plug wires look old or worn in spots then I doubt you will be wasting your money replacing them as well as new spark plugs. That could be all that is wrong.
If none of the suggestions posted in this thread solve the problem then read on. Before worrying to much about anything serious like a timing chain you might just have old gas and a sticking valve or two. FEs are notorious for sticking valves when they are running on old gas especially after sitting very long. Get fresh gas and use some marvel mystery oil in one full tank of gas. It does help most of the time in old FE engines.