imexploring my options on which way to go about rebuilding my 5.4 liter engine has 185000 miles on it its getting water in the oil do i need to replace the engine block or just bore it and rebuild it

 

Not enough info... This could be a head gasket or cracked block. It needs to be torn down to determine. Rebuilding what you have is usually a safer and cheaper bet than replacing since its a known factor vs some cheap POS from your local discount auto parts store.

 

Is there any other issues going on. How did you find the water in the oil? If its a cracked block I would buy a new engine already built. Cheaper and faster imo then rebuilding yourself.

 

buy a rebuilt short block(no heads)
or long block(with heads)
that has a guarantee.
The local engine shop has a 1 yr on theirs.

 

thanks for the info guys and it pours white smoke out the exhaust smells like antifreeze

 

That's a blown head gasket symptom if I ever heard one.

 

it was using a quart of oil every 1500 miles so im thinking rebuild or buy a block and rotating asslembly and ford racing heads for mustangs

 

You want to do a rebuild so that you'll end up adding a quart every 3,000 miles instead of every 1,500 miles? Do realize that you would have to drive 600,000 miles just to break even on the cost of the oil saved? I'm basing this on $2,000 for the rebuild and $5 for a quart of oil.

 

so your saying put a set of heads on it and drive on it would be alot cheaper thanks for your info