What was found
ON TAKEOFF ROLL, ENGINES WERE BROUGHT TO 1.4 EPR THEN WERE BEING ADVANCED TO FLEX THRUST WHEN NR 2 ENGINE MADE A LOUD NOISE, FE CONFIRMED NR 2 ENGINE WAS AT 1.65 EPR WHEN NOISE OCCURRED. NR 2 FUEL FLOW WENT TO 0, ENG FAIL LIGHTS ILLUMINATED, THRUST LEVERS WERE BROUGHT BACK TO IDLE. NR 2 EGT WENT UP TO 750*, TAKEOFF WAS ABORTED AND RED BORDER CHECKLIST WAS RUN. RUNWAY 36R WINDS 020 AT 7 KTS FOUND METAL IN TAILPIPE. REPLACED NR 2 ENGINE PER TASK B727-7101-02, 02.1