Re: Possible Blown Head Gasket
It sounds like you may have a head gasket problem unfortunately. All the indications are pointing to that. I'm guessing that the coolant is getting into the lubrication system which would account for the loss of oil pressure as the oil is being diluted by the coolant? What appears on the dipstick? Is that showing a creamy colour too and has the oil level increased?
You could have the cooling system pressure tested and the coolant itself can be tested for combustion gas content both of which would confirm if the Head Gasket has failed.
Good luck and let us know how you get on.