78 Cadillac seville won't start... blow by?

My 78 cadillac seville recently broke down on me; I had just exited a freeway, and was approaching a light to stop. As I rolled up to the light, the engine sputtered and ceased to run. I attempted to start it 2 or 3
times, but no dice. There is plenty of gas in it, and after maybe 15 or 20 minutes, I attempted to start it again, this time with the accelerator to the floor for about 10 seconds before turning the key. When I did, it seemed to almost kick over, as if it was only hitting on 4+/- cylinders. I had it towed back to my garage, where I proceeded to remove the throttle body and noticed that the gas was mixed with quite a bit of oil. I also flushed the radiator, but didn't notice any oil in the water. This is a 350ci 5.7L V8, w/the TH400 trans.
Does the above sound like bad piston rings, or could there be other causes I should check first? I purchased the car for $300 in june of this year from a guy in Littlerock, CA, and drove it home to the bay area. I've put some work into it, and about 5k miles on it since, with no problems until now. I really do like the car and would hate to have to part it out. Another alternative... new engine I guess. Any advice/help would be GREATLY appreciated.
Saal
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You might have bad piston rings but that's not why your engine won't start. Please don't pull the engine yet. Check out the standard stuff first. Most likely the problem will be in the ignition or the fuel system. Make sure you have spark at the plugs. Check the fuel system next. I don't know how you would do this on a GM trottle body but there is probably a quick and dirty way to do it. A pro would probably attach a gauge to a test port or something. If you have no fuel, you should then suspect the fuel pump. Bet you that one of those areas will be the problem. If you find no problems there, make sure the valves are opening and closeing. You might have to look under the valve covers for that. If that looks ok then you might want to get professional help.
A $300 car sounds good to me cause if you are lucky, you could drive it for a year or two, then sell if for $300, maybe more. Good luck!
David
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Thanks, Dave... gonna give it a try!
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This sounds just like what my old Blazer with a 350 and HEI did when the ignition module died. You can get one anyplace for around $20. I would try this first.

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