sounds like a blown head gasket.freeze plug would leak all time,check the plugs on that side of motor if 1 or more of them has a clean white electrode the leak is on that cylinder

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92 Ranger XLT
Fordstrokers 347 TFS 205 cnc track heat heads
Parker Funnel Web intake, Pro-system 780 carb, full MSD ignition, headman headers
TCI 3500 stall converter, AOD built (inhouse) with TCI kit, 8.8 out of 04 Ranger
(inhouse)=in the house on the kitchen table
http://www.youtube.com/watch?v=DhuJE04Up8Q