[amac209]

not good..not good at all might be a head gasket but i'l leaning more towards intake manifold gasket it sounds as if coolant is getting in both the intake ports and the lifter valley. do not drive it like this. intake gaskets are'nt to difficult to change. just remember one drop of coolant can destroy your engine bearings hopefully that hasn't happened yet. it sounds like theres some in the lifters already.
if you do a compression test and cooling system pressure test you'll know if it's head gasket/cracked head or intake.
if you replace the intake gaskets mark the distributor rotor position to distributor and distributor to intake then the timing will be dead on when you throw it back in. .. i hope you didn't already cook the motor.