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It sounds like the head gaskets are blown and the bearings are gone. I suggest taking to a garage as I think you have a ruined engine. The head gasket is blown, which is allowing antifreeze to leak into the pistons. This is also a symptom of a cracked engine block or manifold. The antifreeze burns white smoke. The antifreeze then mixes with the oil and turns it watery. The ticking you hear are your lifters and valves not getting the lubrication they need. If you check your oil level, chances are it reads over full and the oil is a slick mud brown. Start shopping for an engine.

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Q: Why does a 1989 Ford T-bird 3.8 liter V6 make a ticking noise white smoke comes out of the exhaust and the oil light comes on when it gets hot?
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