Classic/Antique Car Repair: exhaust manifold, coolent, cracked head

Question
I have a 1971 Chev. truck, 307 motor.  It started to run quite bad.  I smelled hot oil and after shutting it down I checked.  There was steamy oil coming out of one of the exhaust manifold bolts.  Other than that the carb has been a little touchy, when stepping on the gas it at times takes awhile to build up revs.  What's wrong? Any help or advice will be appreciated. Thank you.

Answer
Dave;
Hi  well if you have steam comming out of a bolt hole you might have a bad gasket or a cracked head. first thing to do is look at the oil if it has any white stuff on it-thats water in the oil, and next check the rad/coolent to see if there is oil in it, it will look brown on top of the coolent.
than I would take a compression test.  ok than get back to me