HELP! Cylinder Slammed full of gas and oil?????

[JW101887]

So, i have a 1990 GT With a yellow engine, i think its the 587???? I tried to start it for the first time this year and it wouldn't start, and i noticed it was pushing what looked to be black OIL into the lake, so i puled her out, pulled he plugs and hit the start cause i figured it was flooded, and I'll be damned if it didn't shoot a gas and oil mixture like 20ft up into the air. I figured i had just left the fuel shut off ON all night or something so i put the plugs back in, ran the starter for about 2 minutes of and on WITH THE FUEL SELECTOR IN OFF. And then pulled the plugs again to let the cylinder dry out. I looked down into the cylinder to verify it was just a piston not a pool of gas. I went away for like 8 HOURS!!!! And when i came back, Again, gas and oil ALL OVER MY CEILING IN THE GARAGE. What do i do? Where do i start? Lots of money or a little? Should i sell it, or throw it away? Someone please just help?