Mulsafied white oil??

Just bought a 98 coupe from a guy, and he said he thought it had a blown head gasket or maybe a broked head bolt. Either way theres water in the oil, I think the car may have been in a flood. But just wondering if anyone has ever had a problem with head bolts or head gaskets on 100,000 mile engine? All help appreciated. Dan :confused:

nvr had a prob but its most likely a head gasket not to common but its most likely what it is...check if the coolent is low....and DO NOT RUN THAT ENGINE the water ruins the oil and the bearings will be shot

I think it may be to late!!! I cranked it up to back it off the trailer and out to the shop maybe 10 min. But I don't know what the guy did before me. When I got it out there, I checked the dip stick and it almost looked like whipcream. The only thing I could see wrong when I got the car was the oil, and a light on the dash that says "check guages", All the guages work but the oil pressure? Not sure if its the milk in the pan or a sender? She fires right up though, I didn't see any coolant in the rad. So I think it is a gasket, plus a little white puff out the exhaust. All knowledge is helpfull.