A possibility is the floater, just like the one in your toilet, has come disconnected somehow. The same thing is occurring in my suburban because it was not put back together properly after the gas tank was taken down for repair work.
Something can be taxing the work of the alternator, or the alternator can be weak and needs replaced.
vacuum leaks, stuck or leaky egr valve, leaking intake, bad valves, ect
I have a 98 with the same problem. The sensor in the engine needs to be replaced.
A common cause for a gas gauge to stop working in a 1994 Ford Aspire is a defective fuel gauge. Lose wiring in the dash is another cause.
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That doesn't make sense cause that would be the 31st year of the car.(corvette) They came into production in 1953. They did not make a corvette in 1983 so 1984 would be a 30th year. I've never heard of a 1984 anniversary edition tho.
In a Corvette or any other car the mixing of the oil and water is a sign of a blown head gasket and or a cracked head.
A potential bad gauge or sender unit in the tank would cause it to read full all the time.
A repair manual for that vehicle would have that info.
Do you have an oil cooler? I have heard that is a possible cause, as would be the head gaskets.
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Since there was no 1927 Corvette the answer would be NO.