Oil and milky substance in coolant reservoir?

Today I pulled into my work parking lot. My car started having white smoke come from the engine. My radiator hose was leaking coolant through a very small slit in the hose which cause to squirt all over my engine to cause it to steam white smoke. I then looked at my coolant and it was filled with what looks like oil and some milky substance that looks like mocha. I later opened the radiator cap and found that the milky mocha substance was very think and in my radiator. I had no symptoms of anything going wrong. My car was not over heating. But could it be that there's a leak in the pressure system, so that my gauge wouldn't warn me? There are no transmission problems. I bought it two weeks ago from a private party, ie Craigslist. For 3200. It is a 2001 Honda Accord. 4 cylinder, vtec 160000 miles.

Do I have a blown head gasket?

You blew a head gasket. Is your oil milky too? A head gasket going out will cause white smoke too.

It could be a blown head gasket or an oil leak somewhere else. It could also be trans fluid leaking into the coolant from the transmission cooler.

Check your oil & transmission fluids to see whether coolant has leaked into either.

I has a bad head gasket, warped head, cracked head, or cracked block. The engine overheated at some time because of low coolant. Oil has escaped from the crankcase and gotten into the cooling system.

Evidently youve overheated it and blown a head gasket a quick check is a compression test this is the time of year that happens a lot

You've got a huge problem. The white smoke from the tail pipe means the combustion cylinders are being soaked with your cooling system's fluid which is being burnt along with the fuel/air. The white, grey, black sludge in the cooling system is oil mixed with your anti-freeze. Both mean you have internal motor problems. What to do! You need to start disassembling motor and look for where the breach has occurred. It can be several things, but gaskets are a big one to do this. Intake, head, or both gaskets. It can also be catastrophic motor problems like a cracked intake, head(s), or even a cylinder block. If you don't know how to go about looking for this, leave it to a professional. If the car/truck is not worth it, get it to a junk yard and get as much for it as you can.