I was driving back from a shop, where the guy said that my smoking problem was from running rich, not from burning oil....

All of a sudden, I lose all power, I've got the throttle half way to the floor just to move the car, I get it home (a mile away), the thing is pissing coolant like I've never seen in my life.. it was shooting a good 1.5-2ft out of the reserve cap (the temps never got past 230, but I think my cap is bad [autozone], so it seems that my system isn't holding pressure). Also, its staying that high, because the fans are the only thing cooling the engine right now.

I check the oil, after the coolant geiser calms down.. it looks like water.. the first time I pulled the dipstick, I didn't think I had ANY oil on it. Then I pulled it again and noticed some, but sooo very thin..

I did put some marvel mystery oil in two days ago to attempt to calm the smoking issues I've been having.... could that have something to do with this?

The oil level looked normal.. just super thin..

Also, my oil pressure had dropped to about 8-9 psi by the time I got home... it usually doesn't go below 20 ever..

I'm starting to think more and more that the smoking was from rings and that I now have gas in my oil or something.. Was the huge power loss the engine seizing up? Does it sound like the only way out of this now is going to be a rebuild?

Edit: I put the face for rebuild, because, while I have most of the parts, I'm pretty poor atm, and I don't really have the money to pay for labor costs, machine work, good pistons, and all the other misc. stuff I'll need.. I was hoping to be doing the rebuild in the winter, after I saved up some money working this summer.. gaah

 

Sounds like you may have spun a bearing. Is the engine knocking at all? A spun bearing can make the car feel like it lost 100 hp and the low oil pressure is very suspect.