[MeneMeneTekelUpharsin]

Jesus: You are Peter (petros in original Greek - small rock - common name Peter) and upon this rock (petra - large rock - Peter’s statement of faith) I will build my church.

[Paperpusher]

Jesus: You are Peter (petros in original Greek - small rock - common name Peter) and upon this rock (petra - large rock - Peter’s statement of faith) I will build my church.

That is how I see it also.

[NYer]

Jesus: You are Peter (petros in original Greek - small rock - common name Peter) and upon this rock (petra - large rock - Peter’s statement of faith) I will build my church.

That difference in meaning doesn’t really exist in the Greek spoken at the time of Christ. But in any case, as John 1:43 shows, Jesus named Peter “Cephas” in Aramaic, which is the exact same word as “Rock.” In Aramaic it’s Cephas and cephas; literally translating that to Greek would give you Petra and petra, which is a problem, since Petra is feminine, and can’t be used as a man’s name. So St. Matthew renders it as the male Petros instead.

[Iscool]

Jesus: You are Peter (petros in original Greek - small rock - common name Peter) and upon this rock (petra - large rock - Peter’s statement of faith) I will build my church.

Exactly...Peter was a little rock but a rock nonetheless...The church however was built upon the boulder, Jesus Christ...That's why the distinction...

While Peter may have had some authority over the 12, both Peter and Paul acknowledged that Jesus was the 'big' rock...

After the resurrection while God showed Peter that Gentiles could be included into righteousness, Jesus then chose Paul, not Peter to reveal the church...

If there was a human rock who the church would have been built upon, it would have been Paul but they both clearly let us know that Jesus Christ is the rock...

And other interpretation than that can be dumped into the round file...

[Campion]

Jesus: You are Peter (petros in original Greek - small rock - common name Peter) and upon this rock (petra - large rock - Peter’s statement of faith) I will build my church.

The article briefly mentions the argument, and correctly dismisses it. It's wrong for three reasons:

1. "Petra" has feminine gender, and so is unsuitable as a man's given name. Matthew has to change it to the masculine "Petros" to be Peter's name.
2. Jesus and Peter probably weren't speaking Greek to each other anyway; the alleged "pebble vs. big rock" play on words doesn't exist in Aramaic or Hebrew.
3. "petros" as a noun meaning "pebble" is known only from a few examples in classical Greek poetry, not in Koine.

Several Protestant exegetes -- Ridderbos is one of the more notable examples -- agree that your reading is untenable. Finally, let it be noted that you will never hear the Greek Orthodox apologetic against the Papacy cite this argument. Presumably, you would agree with me that the Greek Orthodox know Greek!