Chevrolet Repair: Milky Oil, blown head gasket, chevy truck

I loaned my 1974 Chevy truck to a friend and she didn't take very good care of it.  Apparently she was under the misconception that vehicles maintain themselves and that we, the Owners, just get in and drive occasionally adding the needed gasoline.  Needless to say my oil dipstick, once I finally got the engine to crank, looks like milk.  I understand this means a blown head gasket or cracked block, correct?  Is there any way to fix this inexpensively?  This is my "extra" vehicle...used primarily for dump runs, moving this or that occassionally and not as a primary vehicle so I don't want to spend a whole lot on the repairs, if possible.

Any help is much appreciated!
Michelle Luporini

define milky lookin. yes it does but i wouldnt jump to extremes just yet. check oil and levels and pump and just in general look it over for craks and what not leaks, the like. if ya can get into a mechanic and have him go over it.. i would though change the oil and see what that does, somehat cheap, and if it turns milky again then i would go witha  blown head gasket. that is easy to fix too if your somewhat familar with tools,

keep me posted.