Yea you blew the head gasket.
Grab the socket set out and go to work. You can have it apart in a half day (4 hours) taking your time and back together in another 4 hours. I would while the head is off check it for being flat and not warped. See if you see any heat spots on the head or the block. Also this is a great time to clean the cylinders (a gallon or 2 of diesel fuel) get a rag and dip it in the diesel fuel and clean stuff. Brake clean works well to I like diesel for the smell
. Toss it all back together and the truck will feel like new. ( BTW clean the heads extremely well. Un gunk them from the carbon deposits. I would also get a tube of lube for fresh built motors. Since after you clean the head you want to keep those parts lubricated till the oil gets there. It is like 4 bucks for the tube better to be safe then sorry.
Should be no more then 500 bucks max in parts and everything you need to get her back running.