Blown head gasket?

[cornontherob]

I just acquired a project boxster for quite a deal, and was wondering if anyone had an idea as to what exactly is going on with it. At first it wouldn't start, and I narrowed that down to a bad fuse. The top's back window was torn out, but I replaced the top, but now the last and biggest problem is ready to be faced. The previous owner warned me of the low compression in the motor, and that didn't really bother me (hey, there are $800 motors for sale on this website), and so I took the car.

Right now, as the starter cranks, the motor isn't catching, but I'm pretty sure that's a crank position sensor, but that's besides the point. The passenger side cylinder bank can be heard puffing air out of it as I crank the starter, and the crank position sensor must not be allowing ignition, because gasoline drips out onto my garage floor when the car is cranked.

Should I suspect a blown head gasket if there's a leak like this? Or would a leak that severe sound like a cracked head or block? Would cylinder liners cause any kind of leak? I want to take it to my mechanic to have it professionally done, but I'd like to know what I may be getting into. Thanks!