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Looks like the springs are on the way out and no longer able to control the valves at high RPM. I doubt rod stretch is the sole culprit but may have been part of the problem as well.
well I know when my friend was driving he did downshift and reved it right before dumping the clutch... as far as rev limiter goes, i'm honestly starting to think my car doesn't have one, i don't ever remember hitting it before...?