This is a hard diagnosis because the symptoms don't all fit cleanly. First, driving the car home and to Walmart with no oil pressure would generally damage the engine beyond economical repair. When the oil light is on, the oil pressure is usually below 4 psi. The oil in the coolant is a symptom of a damaged headgasket allowing oil into the coolant passages. As oil pressure is higher than coolant pressure, the normal situation is oil going into the coolant, although it can go the other way too, depending on the channel in the headgasket that is open.
Before trashing the car, you should get a compression test done to see if the hedgasket is leaking. If hte car has any knocking while running, it is probably damaged internally. If you are just hearing some valve tapping and it goes away at higher rpm, this may not be fatal, just depends on how loud it is, experience will be required to tell you how loud is safe. If the car runs without knocking or missing, the oil pressure is okay and the compression is good, repair the oil cooler and replace the oil sump (I do not like patched sumps, they can leak and wipe you out unseen). If the compresion test is bad or you get oil in the coolant for sure, but the engine does not seem internally damaged, replace the headgaskets and keep on going. You just neeed to make some decisions based on tests and observations.

 

thanks... thats the wisdom i was hoping for...

 

I would still replace the oil cooler and gasket and drain/refill the fluids to be sure the cooler isn't the source of the mixing, BEFORE removing the heads. It'd be around $100 to do this if you do the work. In my mind, gibbon that the oil cooler is a known source of mixing fluids, I'd rather eat the $100 misdiagnosing the oil cooler (and then change head gaskets), than go to the expense and trouble of a HG job, only to find out that $100 to change the cooler and fluids would've fixed it.

 

deffinately.. i mean even if i had to scrap it. who wouldnt give up the 100$ on the chance to save a loved one..?