Water in Oil...question about it too

[Longhorn Man]

The other day I ran the 'ol girl a little warm. I've had it to 260 once before with no problems, and I ended up at the same point Saturday on the way to work.
Chainged the oil, and it looked like the foam on top of a capachino. Yeah, that bad.
I drove it home (6 - 8 miles) and the rad is now 1/2 empty, and the oil is even worse than the last 5 quarts. Think...Wndy's frosty, melted...that's about the color.


The thing is though...it ran fine.

I'm about to go out and start ripping out the plugs for a compression test, and I know the heads are coming off at a minimum...byt my question is...
Has anyone here seen a head gasket that would leak about 3 quarts of water into the engine, no oil into the coolant, and still run fine?

I'm debating taking it 3 blocks away to the coin op carwash and cleaning the engine off...it's pretty nasty and you know I'm gonna have to detail it.