What is wrong when several spark plugs are dripping with oil on a 95 Ford Thunderbird V8?

It seems to me that this would be a drastic engine break, maybe a cracked piston or cracked cylinder. Although with multiple cylinders showing signs of oil leakage, I would lean more towards bad head gaskets, leaking fresh oil into the cylinders. A way to check this is to remove the oil filler cap with the engine running and see if there is a significant amount of "blow by" air coming out of it. Also if your radiator is loosing fluid, or your exhaust is white with steam, this would be a sign of a faulty head gasket. If it is just one side, or row, of cylinders, I would check both the head gasket, and the intake manifold gasket to make sure they are in good working order.