Based on how you described the problem, my thoughts are as follows.
Since you plainly admitted you haven't done a good job of maintaining this vehicle, I'm going to guess that regularly checking the coolant level isn't something you tend to do. So, in regards to your first problem, the coolant being 8 inches below the fill line, I'm going to say it was already that low, just from either a pinhole leak that's been there a while, or a leaking headgasket. I especially lean toward the headgasket because of the white smoke you said you saw. The coolant light probably finally came on because it made it below wherever the sensor sits in the overflow tank.
I'm confused as to how you lost 5 qts of oil before the oil light came on, but on an engine with 220k miles, let's say the last time the car got an oil change, the person didn't actually put in 5qts. Say 4. Now burning 1 qt is normal according to Ford. So that leaves 3 qts. Then add in the high mileage, and say the rings are bad. You could easily be burning another qt in 3k miles. But I doubt you change the oil every 3k.. so let's say you run it 6k, and burn 2 total quarts. That leaves 1 quart left. Maybe you have a small oil leak from somewhere.. and in the time it took you to drive 6k you dripped another 1/2 quart. That leaves 1/2 quart of oil left. Just random thoughts here.
I don't think you blew up anything, I think you definately have leaks somewhere, and are going to need to do some troubleshooting of the headgaskets and potential oil leaks.