Toyota Repair: should I get this 1995 Toyota Camry?, oil, burn

Question
Mr.Molloy,
        A friend of mine owns this 1995 Toyota Camry.The engine's Head Gasket wore off and his wife still kept on driving without knowing.Now the engine oil got mixed-up with some radiator water.He is not driving the car now but wants to get rid of it.he practically wants to give it as a gift to me.i like restoring cars even though I don't know too much about cars.In this situation please suggest me if I should take the trouble of taking this car from him or not.transmission is fine.The car used to run good.Should I rebuild the engine or replace it or should I just forget about it,thinking that more problems can show-up.The engine is 4 cylinders.2.2L.what other areas should I look into,please suggest.
   I have been a Toyota(Corolla,1988 and 1998) since 1988.My first Corolla was given to my nephew at 265k mileage and the 1998 model is still with me with 245k original miles and drives like a charm,but I need to add a couple of quarts of oil every 4-6 weeks,any suggestions on that.what can I do to stop this,there is no oil spot that I could see on the driveway.Please give me your expert opinion on these two issues.Your help will be very highly appreciated.Thank you.Regards.

 Shoaib.Pearland,Texas.

Answer
How many miles on the engine?  How long did she drive it with the blown head gasket?  Is the rest of the vehicle in good shape?  I don't know the extent of your skill set; will you be rebuilding the engine yourself?  It might be prohibitively expensive if you have a machine shop do it.
As far as future problems, that is a tossup.  It is a Toyota, so it is less likely; but the Camry is ~16 years old.
On the 1998 Corolla, are you leaking oil or burning oil.  If you are leaking oil, then find the source and fix it.  If you are burning oil determine the source.  Is it constantly blowing smoke from the exhaust; then it is a piston ring problem.  This will probably require a complete rebuild - even a block rebore!  If it burns more on shifts, then you have a valve seal leak.  Thi would require a head rebuild.