need help!

ok so i was driving home from work sunday night, and i was at a red light and all the sudden i see smoke out of the corner of my eye, and kinda smell radiator fluid. so i think to myself ahh crap something is wrong. so i get home and as soon as i park it starts smoking bad, so i get out and pop the hood and the smoke starts rising out and i hear a loud hissing noise, and it seems like the noise was coming from the back of the motor but i couldnt really see because it was dark, and now that i think about it the smoke seamed more like steam. any one think they know what it could be? i talked to a friend of mine who knows a lot about mustangs and he is thinking (well hoping) its a heater hose, or (not hoping for this one) a head gasket..could someone give me their 2 cents? thanks
 
Get a cooling system pressure tester on the car. This will help you find the issue in no time, and do so in a quiet, cold (if the car has sat overnight) environment.

Otherwise, the things you listed are quite possible.

Good luck.
 
Yeah we pretty much owned that heater hose. We were pretty much like "hey noob heater hose quit leaking water and antifreeze" and it was like " naw Im good" and we were like "K, BOOM HEAD SHOP" figuratively speaking of course. But on the real it took us longer to find one around here then it did to fix it.