Smoking bad, blew out the dipstick and oil

[oxfordwhiteboy]

Hi Everyone,
I am again in need of some help with my 84 svo.

I was driving home the other night and I was booting on the car pretty hard.
I passed someone with the pedal down(full boost) and noticed a funny burning smell which was followed by an oil smell, i looked at the gauges and the oil pressure had dropped to about half what it usually reads.
The car I had just passed had a yellowed haze to its headlights when I looked in the rearview, it was so dark i didnt realize my car was smoking really bad and I was seeing my smoke in his lights.
The car started vibrating shortly after and I could tell it was running pretty rough, it backfired and shot a flame out the exhaust that I could see in the darkness. I stuck my head out the window, looked behind and there was a massive smoke cloud behind me
This all happened within a few km of my house and I was nearly home when it was vibrating and I noticed the smoke, so I limped it home.
When I got in the driveway I popped the hood and there was oil everywhere and the dipstick had popped out

I was hoping the PCV valve had just failed and pressured up the crankcase, so I ordered a Motorcraft EV-127-A PCV and installed it yesterday. I started the car and it is still smoking really bad out the exhaust, and it sounds funny. I also noticed there was coolant dripping out the front of the motor, so today I pulled the timing cover for a better look and my waterpump is leaking out the weephole.

I am so confused as to what happened/is happening. Looking for help as to where to look next. Obviously the water pump needs replacing, but how/are these things related? Why is it smoking so bad out the exhaust? The car has 65000kms on it and is an 84. All stock with the exception of a walbro 255 pump. Please help!

[TheSVOTrust]

Loss of water (weep hole) allowed for coolant to get low, produce hot spots (via air) in head which lead to head gasket failure (at the back of the block) where it pressurized (oil return) and thus blew oil out of pan (via the dip stick).

There is a chance that vibration was just due to 3 and 4 cyl sharing combustion.

Seems pretty obvious to me that you just "start taking it apart" based on the need to do the water pump anyway. Depending on how easy your fasteners come off you can see if you want to pull the head with or without the turbo.

Mark
P.S. This is where that BORESCOPE comes in handy, but you will be seeing OIL all over cyl 3 and 4 compared to 1 and 2 IMO anyway !

[oxfordwhiteboy]

Well i finally tore it down. Head gasket is fine but there is a hole in the #2 piston.

[MikeFleming]

JB Weld time??

[blueboss]

I got this.....

[svono50]

Tough crowd, eh?? Sounds like you leaned out #2 and suffered a severe consequence, sorry to hear. Hopefully no other major damage occurred. When rebuilding, make sure you get your injectors cleaned/balanced, could be a weak #2 unit that did you in. Good luck and any pics of the carnage??