1999 mustang v6 3.8 internal coolant leak..?

[brettstgermain]

ok here is my problem hopefully someone can help.. i have a 99' mustang with a 3.8 v6 and auto trans.. has 180k miles...the car does not overheat at all.. the car does not leak antifreeze externally.... but i have to keep refilling the radiator after every time i run the engine. i have replaced the radiator/water pump/thermostat/radiator cap.. and water pump bypass hose..i have flushed out the engine and refilled the system with fresh antifreeze.the upper radiator hose gets ROCK HARD..! the car blows a little whitish smoke and at first thought it was just burning a little oil. there is no antifreeze in the oil and no antifreeze in the combustion chambers.. all 6 plugs have been replaced with new plugs.(motorcraft).... i did a compression test yesterday and got (185-190)-i hope i did it right..(all plugs removed on a warmed up engine and the throttle held wide open)..... the car does however spit a considerable amount of water from the exhaust pipe..(its clear and looks and smells like water.. not antifreeze)..it sprays water from the exhaust pipe when i rev it up and when it idles its a steady drip of water..i am assuming that the head is probably cracked and is leaking through one of the valves/guides.? but like i said there is no evidence of coolant in the combustion chamber or oil..should i fix the issue or replace the engine. or just abandon ship and find another project... any suggestions..?