1988 Ranger, water seepin in with oil???

Can any one help? I have a 88 4x4 ranger. I am constantly loosing water and the oil looks milky, Some people have told me that this might be the result from a blown head gasket. Is this true or has anyone else had a similar problem that was caused by something else??

To your Q's: Yes, and thank God no.

I figured it was going to be a blown head, I was just hopin that it was something different b/c that is goin to cost an arm and leg to fix. But just the same I appreciate the help cctxfish.

Yeppers. sounds like a blown gaskit -- now if thats all it is you should be able to get away for about $ 50.00 if u do the work yourself. now you gotta figure out does the head need work ? lots of miles while its off you could have a valve job done? , dont forget to flush the system an get that nasty oil outta there , I had a friend that drove his blazer around for 2 weeks like that , he just let it sit for a few hrs. drain the water outta the oil pan an fill the Rad up. I wouldnt suggest this, god knows what the lower end looked like after that, but it was a ole beater , he sold it as is for $ 1500.00 to some guy that was hard up for a lil blazer.....

How much trouble would it be if I was to decide to do it myself (with the help of my dad LOL)? Or would it be worth it just goin ahead and paying a well trusted mechanic in my area? Also how much would this usually cost havin someone else do it?? Precciate the help from all!!

Will its a bit of work, is it the 2.3L L4 or 2.9L V6? the 2.3 is easier then is the V6.
Parts are no problem, gaskit kit $50. Then add timing belt, maybe water pump, pulleys $65, and cap, rotor, wires, plugs, belts and filters, another $80 or so. Don't forget oil and anti-freeze. And a full weekend maybe 2, plus mechine shop $(head surface, maybe valve work?). This is probably better you do the work cause the truck value is low, mechanic cost will probably higher. I'd say go for-it! It will help you learn some things about cars and engines. MOSTLY YOU DON'T WANT TO DO THIS FOR A LIVING
On a scale of 1-10, 1 being easiest, and 10 very hard. This one is about 5-6, GOOD LUCK

The truck is a 2.9L V6 (manual), with 114k miles, shes in great condition besides the above situations. I would love to fix the truck myself and learn from it, but i do not have the time. Im only 17, workin 40 hours a week and playin high school football. Plus ive never had a project this big, as far as mechanical. Ive installed a radio and speakers and all that easy stuff, but when it comes to the motor all i know is the basics. So....bein that I have a good family friend that is a mechanic, I will probly let him go about fixin it so i can have my truck back in a jiffy.

then of course is removing of your manifolds and with any luck nothing breaks it is a big job like cctxfish has said ,exspecially if it is a 2.5l ,if you have lots of patience go for it ! if not dont touch it

YOU CAN DO IT !!!!! , get u a repair manuel , or down load it off , www.autozone.com-- it is a bit of a job-- is there any trade school in your area ? you might try there they just charge you for the parts -

Hey yea, letting a trade school practise on it, is a great idea and cheap way to go, but not so sure about jiffy.

HAHA...I would let the local Community College do it, that is if i didnt know half of the people that would be working on it. Some of them are nut cases. But im taking the truck to the Mechanic in the morning and hes supposed to be done by first of next week....wish it luck LOL