headgasket? or worse? some insight please

[92_240sxdohc]

WEll I picked up my 240 on saturday..stock 92 hatch with 205xxx kms...So i get to drive it for like 15-20 mins and I'm hearing these noises coming from the motor when there is a load on it...so I glance down at the temp gauge and its showing normal temp..the noise starts getting louder so I figure I should pull over and check it out real quick..so i put it in neutral and begin to slow down to pull over and the car dies..when I pop the hood, steam just starts pouring out..anyway long story short I check the oil and its below the low line...check the coolant and there isn't any!! so I go buy some oil and coolant..try to start it and it won't start..it seems to be turning over real easily like there is no compression..so anyone have some insight on where to start looking for a problem?

[Chingon]

here's a thought, check compression?