Ford Repair: ford thunderbird, blown head gasket, ford thunderbird

Question
i bought this car for 500.00 i was checking the water level and to my surprise found oil instead,it also blows alot of white smoke from tail pipe.thank u

Answer
Adrian-

  It sounds like you've either got yourself a blown head gasket or a cracked block.  My money's on a blown gasket.  When the gasket blows it allows oil and coolant to mix.  When that mixture finds it's way into the combustion chamber (which it will with no gasket to prevent it), it creates that thick white smoke.  It will also destroy the lubricating properties of the oil and can actually cause the connecting rods in the motor to warp or bend.  I'd get it fixed as soon as you can.  Hope this helps.

Steve