My friend just got a used 2001 dakota from a friend for 600 and we found the reason lol. Had to replace the water pump and now there is water in the oil. Is the only reason for water in the oil a blown head gasket? Just wondering lol.

 

most likely a head gasket, if you take the heads off check for deposits or running leak marks,
these will tell you off the bat, id hate to see you do all the work for a cracked block, also if it is a gasket problem have your heads cleaned and magnafluxed at your local machine shop, there is a reason why a truck that was 4 years old had coolant in the oil. possible problems include warped heads, cracks on the valve seats(if these are present, they are what caused the failure to begin with), also check condition of pistons and what you can see on the cylander walls, if there in tough shape due to overheating and or hard driving, you might be better off making it a project since you got it for so cheap