So I bought a ‘02 1500 with the 4.7 I got it for $250…..he said it’s was driving and jus “locked up” has a blown head gasket and milky oil to show….any advice? I have not had the chance to mess with it at all. What is my best course of action? What should I look for? Open to everything.

 

Replace the head gaskets.

 

I would say replace the whole engine with a good one, but barring that, fresh heads that way you know the deck surface is good (they like to warp sometimes) and the valve seats are less likely to drop on you.

 

I'd want to see why the engine locked up. Was it due to lack of lubrication, water in cylinders, or something else.
Take out the plugs and take a look with a borescope. Engine is a goner if you see metal bits on top of the cylinders or rust on cylinder walls.
With plugs out, see if engine will turn over, and, if water comes out of the plug holes.
If all looks good, then you need to figure out why the engine overheated.
I'm with Magnoom about a replacement engine. New engine will probably be best option.
What does the rest of the truck look like?

 

If you don't know what you're doing with engines, I'm wondering why you'd buy such a problem. The milky oil tells you that vital fluids are intermixing, so you've got problem that is going to take major effort. Do you have time and patience? If you do, start watching videos on engine repair. if not, you can probably scrap it for what you paid.