I've lately noticed some ticking (louder than it usually is) when between 2-3.5k rpm. I've got a d16y8 w/42k on it - is it time for a valve adjustment? My apologizes for my ignorance, but could someone explain to me exactly what a valve adjustment is/does?

If my valves need adjusted, how would I go about doing this?

 

Yes, it would be a good time to check.
Valve adjustment is actually for the gap between the rocker arm and the camshaft lobe.

http://www.c-speedracing.com see the how-to section.
Note: You will not need a special tool for the SOHC.

 

Thanks for the helpful reply, I have one more quick question. What would the specs be for a d16y8?

 

the valve lash is usually written under the hood. ITs on that sticker with the car info.

 

But incase you don't have that sticker.
Its .007 intake and .009 exhaust.