Ok I was changing my oil today after work and pulled the plug and let the oil drain. Spun the filter off put the new one on and went to reinstall the plug and heard a sound when threading it in. I pulled it back out and found whats I the pictures. It is steel. has a wall thickness of about 1/16". I have not done anything internal on the engine since putting a cam in over 6 months ago. The truck runs great with no noises at all either. Now the truck is a 1999 Chevy 5.3. Thanks in advance for your thoughts and ideas.
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It looks like the end of an oil dipstick tube. That's my first thought.

 

yeah, what he said

 

That is exactly what it is. I remember that I needed to change my dipstick about two years ago because of the great rust belt that I do live in and eating the bracket off the tube. I know that the entire tube came out cause I have it as a backup incase this one brakes at a bad time. But the previous owner could have changed it and knocked it in the crank case instead of pulling it out. So for 80K or more miles its been in there and just came out today. Thanks AK for the idea just been a long week.

 

Best part is, you don't have to do anything about it.

 

No I dont. Just suprised that it has been floating in the pan for the better part of 4 years and over 80k miles.