Bad, bad day.. (head gasket)

[Nixon1]

Well I drive the stang to my friend's house today so I can get his distributor wrench. After RETARDING the timing to 14-15 degrees (previous idiot owner), I decided to kick it back to stock 10 degrees so I can run piss gas for now and save cash because I'm BROKE. So we set it, and I shut the car off, and I hear a sound..like RUSHING WATER..like pints and pints of water flowing...confused, I stick my head in, and hear PSSSST and see a shot of water vapor shoot out of the passenger side area around the valve cover, in the back. Then, 10 seconds later, psst...a small one..and then several drip and vaporize sounds for the next minute. Haven't been able to check my radiator cause the engine was warm, but I'm checking it tomorrow. Been meaning to flush the system because it's basically all water, virtually no antifreeze, and last I popped the cap, there's CRAP floating on the surface of the water....looks like yogurt. It's NOT black though...doesn't look like oil, looks like freakin brown/tan cottage cheese. But yeah...is there anything that this could be BESIDES a blown head gasket? Idle is fine, car runs decent except every time I give it throttle below 1000 rpms it has a nasty misfire. Still runs very cold...in what I'd guesstimate to be the 170-180 degree range. Thanks guys...wish me luck... I owe well over $3000 to my dad, which is why I'm selling my other car...I have no money. I can't afford repairs, and he could probably give me the money but it'd put him in a bad hole.