Tractor Repair: Oil coming out of exhaust on M/F 175, blown head gasket, cracked head

Question
I noticed after I bought this tractor that a black watery substance was coming out of the exhaust where the muffler meets the manifold. It didn't have fuel in it, just black watery stuff. It wasn't bad but today 2/14/10 I started it up after it hadn't been started in a month of so and let if idle for about 30 minutes. It started blowing out a lot of engine oil, worse than before and noticeably engine oil. What could be the problem?

Answer
Check your dipstick for the engine oil. See if the oil looks milky. This would tell me that you have a blown head gasket or cracked head causing water to go into you oil and oil floats on water causing it to come out first being the pan is too full. If this is not the case then I would seam that you have a bad valve guide  letting the oil run by the seal and come out the exhaust. Do not run this tractor until we have found the cause and fixed it. Serious damage to the block and related parts will cost alot of money. Follow up with more details after you check out the oil. Regardless check the engine oil level.