Long story short - my Camaro has been parked for the past couple of years with a freshly rebuilt transmission and a motor that had low oil pressure, was billowing white smoke, and what appeared to be water in the oil (I used distilled water only - no antifreeze was used the the last time I replaced my coolant). Instead of draining out the bad oil and fixing the problem right away like I probably should have done, the car has been sitting with not a whole lot, but some water in the oil.

Is there a good chance that the water in the oil has trashed anything that wasn't already trashed in the motor? The oil level doesn't seem to be any higher than it should be, but there's definitely some water and oil showing on the dipstick.

I'm guessing that the car has a blown head gasket, but I'm finally getting it back to my house to tear it down and figure out what happened. The only problem is that it's about 5 miles away from my house. Is it a terrible idea to drive it with a possible blown head gasket? I would love to not have to use a car trailer to get cracking on the thing.

 

Do an oil change, your bearings will thank you.

 

I would try it, but first I would remove the thermostat to avoid pressure build up. I'd make my fan run from the get go to keep the heat down.
5 miles is not far if you can get a straight run. should be warmed up nice by then.
maybe throw a quart of atf in it. might hinder the oil slopping up too quick.
I would go for it personally but that's just me. The worst that could happen to me would be needing the trailer down the road. But I'm not telling you to do it...just what I would do.