Hydrolic lifters take up the slack in the valva train using oil fed from your oil pump, like the rest of the engine. Occasionally a lifter can become gummed up or clogged, in which case it fails to "pump up", resulting in a gap that can cause tapping. If this is the case, you may be able to free it up using one of the many oil additives/treatments available for just such a problem. You could also try one of those pre-oil change sludge-remover treaments, as they have solvents in them.
Although I have never replaced any lifters on my RR, I have done it on other vehicles. They all require removing the valve cover, rocker-arm nuts and pushrods, and some require the removal of the intake manifold to remove the lifters. I would suggest just replacing the whole set if you were going to do it. I think a set runs around ~$150, give or take a bit.
-Coach
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