Hey guys, I printed out what Scott told me:

I seriously doubt it. That little 6 cylinder is one tough engine. But here's what I suggest you do:

Don't drive it!
Pull all the plugs, and the wire off the starter soleniod marked "S", then crank the engine over for about 5 seconds. Stand away from the spark plug holes, because at least that one cylinder is going to shoot water. As soon as you can hold your hand on top of the radiator, go ahead and remove the cap, and then crank the engine over for another 5 seconds. This will get the residual water out.

Put a cap full of motor oil in each cylinder, let it set for about 30 seconds and tap the engine over nice and easy two full revolutions. Now put your cap back on the radiator loose. and put the plugs back in.
Pull the dipstick and look at the level and the color. If it is overfull, and/or looks like a milk shake, drain the oil, and put some cheap oil back in.
This should get you by for a week or so ******EDIT while it sits don't even think about driving it*************. Most likely it's just a head gasket. You can buy a head kit that will come with a new head gasket, exhaust gaskets, and valve cover gasket. Take the head to a machine shop and have then check it for being warped, ask him to take a look for any signs of cracks.
All totalled, you might put $150.00 into it.
When the head goes back on, run it with the cheap oil for about 1 hours, then change the oil and filter, and you should be good to go.

Good luck,

Scott

I got to the part where I crank the engine over, and no water came out of the spark plug holes. The spark plugs that I took out looked kind of beat up. Basically I was wondering if based upon the facts that the oil still looks like regular oil, and that no water came out from in the cylinders, if pulling the head off and replacing the head gasket was still necessary. Another thing that I noticed was that there was oil all over the spark plugs. Is there supposed to be? More advice please. I'm really lost here and don't really know what to do.

 

If you have oil on your spark plugs, you have more than normal amount of oil in the cylinder and should see some smoke from the tailpipe. Is it oil or fuel?
I am not sure what the symptoms of the issue were but maybe a leakdown check and/or compression check are in order.

 

If your plugs are oily, you do not have a blown head gasket. The moisture from the head gasket will clean the plugs of any oil.
Stop!!!!
Do not pull the head. Get someone to look at your engine before going any further.

Scott

 

Agreed. Have the engine checked by a pro. There may be a myriad of problems involved.

 

Would it be safe to drive it to a mechanic that is close?

 

let me get this straight you have beatup oily sparkplugs, on the thead end onf the plugs. If so something is broken inside of the engine like the rings do not start it or drive it this will cause more damage tow it to a shop.

 

Alright. Thanks. I'll take it to the Mustang shop close to my house tomorrow.

 

Well, depending what you mean by beatup. i would consider driving it. I mean, by the sound of it. You either rings, or valve seals are gone.

 

It drove great right before it started smoking, so I don't know. Depending on if I can get my uncles trailer tomorrow, we'll see if I drive it. The drive to the Mustang place is only about 15 minutes, so I might just chance it. Not sure though. Boy am I depressed right now...[&o]