Possiblity the head gaskets are blown & head(s) cracked, but you won't know exactly what damage is done or accurately estimate repairs until you get inside the engine. It has 160K Mi on it and could go another 100K IF the bottom end and rings (compression) on all cylinders is good. I would look into two things; get a used engine with low mileage from a salvage yard or a new short block and rebuild the top end then you'd have a nice, servicable car with a lot of miles in it. Some of the engines should be interchangable but make sure you check with the Ford dealer first find out which can be swapped.