Need a few more details. Was the car at full operation temp? If not, what BlackGT89 said is true. Condensation builds up in the crankcase, especially in cold climates, and if the car is only run for a short period of time, the condensation doesn't have time to evaporate and mixes with the oil.
If the car was at full operating temp, you most likely have antifreeze in the oil. Head gasket or intake gasket leaks are the two most likely possibilities. Have you done any recent work? Heads? Intake?
If it is antifreeze leaking into the oil system, DON'T DRIVE IT. Very bad for your bearings.
cool deal thanks for the help. I think there was a little antifreeze in the oil from an intake swap and i didnt get a chance to change it. Ill be doing that today. That was only teh first time it ran.
67 coupe. my taurus fan is clicking when i turn it on. i know it clicked when i used to spin it by hand but just thought that was b/c it was electric and i was doing it by hand. any ideas? thanks
I had a Taurus fan that was clicking, the bearings were worn out. Check for any side to side play (wobble). If there is any, junk it, they are cheap to come by. I just went and bought another one for $25 and checked it out real good before I paid for it.
About the water in the dipstick. Is it just in the dipstick tube, or is the oil on the end of the dipstick milky looking. If its all looking milky, then you may have a blown head gasket. If its isolated to the tube, it is prolly condensation as was stated.
headgasket/cracked head/cracked block.... all in that order, i dont see how it is possible to dump that much coolant in the oil from an intake swap, i did it twice and never had a problem like that at all.