So I'm driving down the highway on cruise control and I notice I'm slowing down. I go to give it some gas and either my transmission or engine started making a loud scraping noise and the car did not accelerate. I pulled over, It died, and smoke was coming out of my engine and exhaust pipes. There was even some coolant coming out of the exhaust. The bottom of the car is coated in oil, its everywhere. I don't know much about what to do next.

How do I find out what failed, I cant afford to have a mechanic look at it just yet.

Here's a couple pics of the oil while it was on the tow truck.

 

Looks like you vented the block. Oil and coolant = holes in block..

I spit 3 rods out the side of my Lightning. Look at the block with a good light and you'll probably see something along the lines of this

 

Start from scratch and throw in a 03/04 cobra drivetrain.

 

Well it looks like I will need a new engine. I just don't know if I should rebuild it or just buy a new one. And if I did that should I go with another 2v?

 

check out the short blocks and long blocks on the MMR website

 

Go 4V if you're replacing motor.
Sorry to hear about your Stang

 

Well if its a hole in the block there is no way to rebuild it.... if money is really tight go with a mark VIII engine its almost a drop in... so my advise is go with a 4V!!!

 

Im sorry to hear that man. Whatever you do do it right the first time. Its your car do what u think is best. Dont listen to anyone

 

+1 if you popped a hole in the block I would just look for a complete engine.

 

Well he is asking for opinions....