Blown headgasket?
 

So my 240 almost over heated and my friend tried to fill it up with water and eventually gave up. there was no leak anywhere so i tried to start the car and got a lot of white smoke, i shut it off and left it at his house. we found what looked like oil in the intake tube, so he tried to drain the oil for me and got nothing but 2 or 3 oil pans full of water and coolant. i was told its a blown head gasket, if it is what should i do while replacing it?

if you kept driving it for long after it began to over heat you might as well rebuild or replace the engine. the reason being is that prolonged driving under those kind of circumstances can lead to rod knock. but i'm getting ahead of myself. first take the head off and check it and the block to make sure they are still square.

if the block and head are still square you should be fine but defiantly have the head machined and maybe a valve job done too. the guys at the machine shop should be able to check it for vacuum and tell you if a valve job is needed or not.

make sure the head/block mating surfaces r still flat and that the head or block isnt cracked also, sounds more like u got a cracked head rather than just a blown headgasket if youv got that much in the oil pan and in the intake

definently take the head off an take it to the machine shop though i would think they should be able to tell u wether or not it is cracked as well

ahh dude yes you have major major issue... blown headgasket and or crack block

ok im in the process of taking off the head and will be taking it to a shop but it didnt really over heat to bad, i noticed it when about a 1/4 away from H on the temp gauge. as for all that water my friend was really spraying it in with a hose so i hope its not as bad as it seems. just what should i do about the water? i know i need a new lower tensioner so i will be tearing apart the front end.

it could also just be that the intake gasket is bad. if so the #1 cylinder should be full of coolant. a visual and compression check will reveal the true problem though.