Take the back plate off and have a look at the connecting rod - as has been suggested your con rod has probably broken.
I broke a rod in my last engine - the sleeve and piston was ok so I simply replaced the rod with one from a spent 2.5 and I was able to save the engine with zero spend.
If/when you need to take out the sleeve, use a piece of wooden rod (chop stick I used!) to push the sleeve out from the bottom - and/or put a piece of wooden rod through one of the ports, then move the piston up the bore until it hits the wood and apply pressure - the sleeve is a bit of a bugger to get out, but you just need to persist.
Use wood though, as a metal rod or screw driver will stuff the sleeve - it's very soft.
If your bearings are ok, you can get a rod, piston and sleeve for around $60 - you will have a new engine.
Or Davis do a HD rod for the 3.3 . . . around $50.
Or you can get a new 3.3 for a little over $100.
If you are entertaining a new engine, save a bit more and put the $ towards an OS or Picco 26.