It sounds like the head gasket is blown. If it is pouring out the exhaust it has been overheated and failed catastrophically. If you rebuild it I would consider getting a used engine instead of using the engine in it now as it may have a warped heads and/or cracks in the block. At least have the block and head inspected and decked to make sure it is flat.
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Monday, June 4th, 2012 AT 6:42 AM