1995 BMW 740IL oil in sparks

hi.....i bought a BMW 740IL on saturday. it has 160k, wich is kinda high, and it has a little body damage.....but i just got to replace both bumpers....but the good thing is that i got it for $2000 wich is dirt cheap.....but heres the thing.....before i bought it, he passed smoged and later on that day, i was driving it home, my first drive, and at one point, i floored it, and i went all the way in i think the 2 gear....till 6000 RPM, not a big deal....when i get home, the car just stands there started, and the check engine light comes on.....:banghead:so i go for a drive..i pull to a stop and the car has problems idiling....then i start driving again and give more and more gas, and its barely picking up revs....next stop, im giving more and more gas but it just stays at 400-500 RPM.....i pull over and turn it off. let it cool down, and then it wont start....:runaround:i tow it home and take the spark plugs out on the left and the are ok...just some oil on thread......i unsrew the wires, or coils, whatever they are called, on the right side and they in oil....then i take out the spark plugs and they all in oil.....i bought sparks and it didnt help..=( i talked to my dad and he said its most likely the rings, but how come its all of the 4 on the right side right away....i thought they will have same wear as the ones on the left. i asked another guy and he said it is most likely the head gasket.......so i'm a little lost right now...dont know what to do...i found a shop that is selling a engine for my BMW with 63k for $750 and they said that they will install it for $500 with a 6 month warrnty on engine and work.....and one more thing...the 1995 BMW 740IL has the same body as a 1996-2001 but its engine is a little smaller......4.0 but it looks the same...i thing BMW just bored it for the new BMW's, also i got sport package if that helps........i'll be greatfull for all the help

Reading your post, my first instinct was headgasket...then I came upon the "second guy" who said it as well.

To be honest, it's not a hard job to do by yourself, as it is just time consuming. If you can do it yourself and feel comfortable doing it yourself, I'm willing to believe that you might be able to save yourself $250-$300 if you DIY.




Then I found this:

http://bimmer.roadfly.com/bmw/forums/e38/6657229-1.html

yeah, just right now it doesnt start at all and there doesnt seem to be any antifreez in the oil...btw my friends a mechanic and he's coming to take a look at it on saturday

ok the mechanic looked at it and what happened is that my gas tank is bent and gauge says i got fuel, but the pump is only sucking in air.......and the oil in sparks, that is something i have to replace....has to do with the air....my car is sucking in too much air and its leaking oil because of that.....im not really sured wat the part is called

first if you have more than 59 k on the car replace the crank case vent valve located behined the intake manifold and then replace only valve cover gasket not the head gasket this if oil is on the spark plugs outside were the coils are.