Thanks fellas, the headgaskets are definitely blown. No big deal, though, I'll just pull the motor and have at it. Probably get it done pretty quickly.
The previous owner has documentation of the timing belt being replaced at 100k, along with the water pump, I believe. I'm not sure if this car will stay in the stable or not, it depends how much I like it.
Current stable includes:
1994 Toyota 4x4 winter beater
1995 BMW M3, summer daily, heavily modded
1986.5 Toyota Supra Turbo, on the back burner for the past several years while I save for a house.
And my fiance has a '99 Legacy SUS 30th Anniversary Limited Edition that's likely getting sold this summer. I'm going to miss that thing!