White smoke is cracked head or gasket

[tk1251k]

Drove 5 miles sat. parked the truck go tout smoke billowing out the exhaust pipe and where the exhaust header connects to the tailpipe. Drove it back home with a trail of smoke parked it checked water filled it up water coming out the exhaust manifold flange and tailpipe. Ran good all the way home. I then checked oil for water it was good and no oil in rad. Ran some more at idle with smoke still coming out then notice today the oil very milky and several quarts over. Pulled the pluges on passenger side and noticed the plug on the front wet . Fired the truck up water coming out that cylinder.Truck body wide great shape and I have had it since 1981 . Its a 1972 Sierra Grande. Not sure if I want to fix it myself or just get rid of it. I rarely drive it any longer but just need some input as to what it might be other than the worse which I beleive it is.