i just went through this whole ordeal and yes you will be lucky if the intake is not allowing a channel of water to pass through.. bleed it first and if yu still have overheating and bubbles.. then you may have to go through this or more.. check your fans and make sure both of them come on.. it could be caused by the thermostat being faulty.. usually you can see water leaking around the area where it is traveling.. the water marks make it whiter and rusty where the water travels.. unless it is internal.. like the intake or head gasket..
if you find it being an internal leak and find no evidense of an external leak then you will most likely have to replace up to the intake (better to buy a head gasket set off ebay.. almost the same price for the whoe set as it would be locally for just the intake gasket..
this requires alot of time but not a major cost..
I got head gasket set off ebay for 65.00 great deal but the time to do the whole entire job down to the head is like 4.5 hours... costly if you pay someone.. but okay if you are willing to do it yourself..
Mine was bubbling like crazy and overheating in a heart beat.. tried bleeding and that never helped.. hopfully it will for you.. but if not.. deffinately get the head gasket set and prepare to rip the sucker down to the intake if not go all the way to the head gasket,, it will be well worth the effort since you will loose your engine if you dont.. and most often if you have to replace the head gasket you should have someone machine the heads which is more time and money ... need to measure them and make sure they havent warped.. or if you have water mixed in your oil you know for certain you need to have the head s machined and the gaskets replaced all the way down...
post back and let us know how you made out..