You could have a broken ring in one of your pistons. The broken ring can allow coolant to pass into your oil.. This will cause the engine to make noise and overheat.
a lifter
overheating will proably warp parts of your engine making the problem much worse than it would have been
The first Ford Mustang was a 1964 model , Ford is still making the Mustang
First, you need to find where the bubbly noise is coming from. More than likely, it's from your radiator overflow canister and means you have an overheating problem.
The Mustang was originally mass produced in late 1964, but Stang concepts, called the Mustang Roots, were made in '62 with a German V-4 engine.
If the engine is overheating and you have checked all other causes of overheating. Start the engine cold and immediately remove the radiator cap. Look to see if you have flow. If not, the pump is more than likely bad. If the pump is leaking, making any noises, or the shaft can be moved from side to side, the pump is bad.
Bring to a shop and have it scanned to determine problem
mustang
An engine can overheat from several reasons. A faulty thermostat is the most common cause, provided that there is nothing else wrong. A plugged radiator or a faulty water pump can also cause the problem. Once an engine has overheated the head will often warp causing the coolant to "blow out" of the cooling system and making it impossible to keep running without overheating. Damaged hoses or other leaks can cause overheating as well.
A 1967 Ford Mustang is available for sale on eBay and on CarsForSale. However, it is highly recommended to do extensive research on the Mustang before making any online purchases.
If it was overheating at the time, you cracked the block.
IT is your CV Joints which is making this noise.