Oil explosion all over engine compartment?

So, I got this car, and nothing was wrong with it. It ran fine then all of a sudden, I heard a ticking and looked at the temperature gauge and it was pretty much red lined. I pulled over expecting to see smoke from the overheating and there was smoke, but it was from the oil that was splattered all over the engine. Like something blew off. There was water spewing out like a waterfall coming from the engine on the driver's side up front and the overflow was still full. I tried adding more oil to it and water and it just kept spitting it out. The engine still has compression and will still start but you can hear the screech of the pistons because there is no lube. I can't for the life of me figure it out. There is no water in the oil or oil in the water. I'm stumped.