Ahh? WHats going on??

If you have electric fans are you sure there turning on? If thats not it, it may be a stuck t-stat. check and make sure your antifreez is full and if so the check the other thing I listined above.
As far as not starting I think we would need a little more info. When was the last time a full tune up was done? fuel filter? probley should check and see if there are any codes in memory also. Good luck

It doesn't say so in your post (so correct me if I'm wrong) but I get the impression that this car has been sitting a while.

If so, start by changing your fluids and putting some gas dryer in the tank. Allow that stuff to work it's way through the fuel system before driving. Once complete, run the tank down till the low light comes on before putting new gas in and see what effect that has.

Get a code reader and pull codes. See if something else screwy is ging on like a stuck EGR valve or something.

It sounds like you have blown head gaskets. Did you pull the dip stick and see if that is milky? if the oil on the dip stick is milky then thats what it sounds like. As for a code reader you can get just a basic one for prob around $30 or so on e-bay. I think that what i paid for mine and it came with a small book to tell you what the codes ment. Just make sure it covers your year. You wouldnt need a full engine set unless you are pulling the motor. You should be able to get just an upper engine kit but I would price it to see which way is cheaper for sure. sometimes it is cheaper to just get the whole set. Im not sure if you nead a spacific gasket typ for aluminum heads or not. Good luck

he said thers no water in the oil.. Did you check ur radiator?? Mine was completely down over night, because my water pump went, and it leaked out the weep hole in teh water pump and i didn't even realize it, than over night it was getting crazy hot in like 15 min... better correct the problem before you hurt something, my overheating led one of my bearings to go bad, and thus needed a new shortblock
Paul Perreca

could be a bad temp sensor causing your car to go real rich, and read improper temp. i would get a temp gun and see how hot your hoses are in comparo to your gauge.

Dump the codes and see what the computer says is wrong…

Here's the link to dump the computer codes with only a jumper wire or paper clip and the check engine light, or test light or voltmeter. I’ve used it for years, and it works great.

See http://www.troublecodes.net/Ford/
OR
See http://www.mustangworks.com/articles/electronics/eec-iv_codes.html

IF your car is an 86-88 stang, you'll have to use the test lamp or voltmeter method. There is no functional check engine light on the 86-88's except possibly the Cali Mass Air cars.

Codes have different answers if the engine is running from the answers that it has when the engine isn't running. It helps a lot to know if you had the engine running when you ran the test.

Trouble codes are either 2 digit or 3 digit, there are no cars that use both 2 digit codes and 3 digit codes.

For those who are intimidated by all the wires & connections, see http://www.actron.com/product_detail.php?pid=16153 for what a typical hand scanner looks like. Normal retail price is about $30 or so at AutoZone or Walmart.

Or for a nicer scanner see http://www.midwayautosupply.com/detailedproductdescription.asp?3829 – It has a 3 digit LCD display so that you don’t have to count flashes or beeps.. Cost is $35.