Engine Blown?? Huge crack..pics..

No way to tell until the engine is on the stand and opened up. If the cylinders are fine and not worn and crap, a simple hone and new rings would do the job. But God knows what broke in there and what things look like. You can use cheap Speed-pro pistons, they will do the job and aren't too expensive. You should give RPM racing in laval a call (450-978-6637) they know their Mustangs and could have used blocks for you? If not there's Zeke's, they awesome at engine building (http://www.zekesauto.com/en/index.html).
 
i have a friend he has a used block he got for 400 $..all dressed... but he doesnt have a car to put it in..i might be able to convince him to sell it to me...i could use that and build from their... where r u going to do ur machining???
 
ok..my engine is ****ed...i took oof the timing cover...chain is broken, block cracked and crank as well...im go take some pics right now and show u guys...i also found some huge pieces of metal in the oil pan...i cant see more cuz theirs just a small opening... brb with the pics
 
Yikes, I just looked at all the pics... no good. FWIW, I swapped in an Explorer short block (got the long block, but sold the GT40P heads off of it), so I ended up only paying somewhere in the neighborhood of $200 after it was all said and done. You'll need your oil pump pickup tube, oil pan, and a new front cover, but everything else should swap over directly.