This reminds me of the late 1990's when all the single turbo Poopra's were running around with wiggings clamps on there radiator hoses. I agree with Brian. I thing you have a blown head gasket. If it was the rings then you would be burning oil, but you wouldn't be getting all the water. The good thing is that a head gasket would be cheaper to fix. If it's the rings then you'll problably have to get the block honed.
On the flip side, it's a great oppurtunity to upgrade!
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