Question about the Hole in my block.

So last week my Jeep Cherokee made a hole in the side of the block and it looked like someone bombarded the engine compartment on the driver side with waterballons filled with oil and coolant/water. What I and a couple other mechanics think happend is either there was a crack in the block or the headgasket that BJeres did (about 3,000 miles ago, but also in december of 2011 (16 months ago) had failed. Since the time of the headgasket repair the jeep sat untill december of 2012 (4.5 months ago) as of 2 months ago the jeep started losing coolant (pressure washed engine and could not find any external leak. I would check the oil level and it was losing oil too (I last checked the oil 7-12 days earlier and it was milkey looking so I did an oil change). The day before the incident I was talking to Bjeres about losing coolant and oil and he told me to bring it in the following week. The next day I was driving over the hill to McCloud (near the passing lane heading to Mccloud) and I started losing power with the accelerator at about 3/4 down. I immediatley pulled over and began inspecting my vehicle. I noticed that the coolant was Bone Dry! (I had filled it up after I talked to Bjeres the day before.) I filled up the coolant system and bled it to the best of my abilities. I then decided to try to limp it home. I got all the way to the main Mt Shasta exit (4 miles away) and thats when it happend. It wasnt very loud but made my car emmit an enormous cloud of smoke. Immediatley pulling over and opening my hood. The side where the damage was done was COVERED in oil and water. The hole was on the driver side at the front piston in this 4.0 straight 6. Through this hole I can see that the piston rod had completely separated from the crankshaft. The Theory I have came up with since the abundance of coolant/oil mix in the crankcase is it created the opposite of a hydrolock Keeping the piston at the top and snapping off the piston rod bolts that hold the piston rod cap on and slamming the rod cap against the block and pushing it out the side. If this theory is true What would my options be as far as repairs go? I'm thinking im going to be SoL because of the time between repairs and the incident is too long.