The 77 has a 350 Olds motor with a blown headgasket(ASSUMING) it has milky oil!!! Are these engines prone to head gasket failures? Head cracking? I got a complete longblock 403 with the car. Are the 403 heads the same as the 350 heads? When I tear the heads off what should I look for (problem areas)? I don't know how or why the oil is milky cause I bought it from an estate auction. The car runs with a very light miss. The water pump looks fairly new but the radiator looks like barnacles from the bottom of a boat!!!!!!

 

I might also add that I am pretty mechanically inclined on Chevy small blocks but have never dabbled with the Oldsmobile engines. Also, the 403 was supposed to be from a late 70's Trans Am. I don't know anything about these engines so any info would be greatly appreciated.

 

Oil Emulsion accumulation hopefully.
Cheap oil, cold temperatures, and condensation make the detergent in the oil form foam and whiteish yellow snot.
Water has gotten into the oil somehow, and even if it's just a little bit, it will look like a disaster. Maybe nothing, maybe a headgasket.
I would change the oil a couple of times to get all of the water out, get a new PCV and crankcase filter, and run it and see what happens. Not just to the grocery store either, You should get that new oil nice and hot to burn off the last of the water.
If your new oil after a few changes is still water ridden, As long as the exhaust is good, I'd check out the head gasket.

 

Water is dissappearing from radiator!!!! It's definately water in the oil.