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Usually oil changes only require 13.5-14 qts to refill. The system retains about 2-3 qts and will not drain it. You put 16 qts in and it will be overfull.
Only fill to halfway up the crosshatch on the dipstick, not all the way to the top. There was just a post about being too full and aeration of the oil affecting performance, I can't recall exactly what it said though.
Oil and filters can be had from walmart. They carry the motorcraft and fram (which is the exact same as the motorcraft filter) brands. Be warned it is a paper cartridge that is mounted on the top of the engine. It is the large black cap (small black cap is second fuel filter). Make sure you oil the replacement o-ring and just snug the plastic cap back on. Tighten it too much and it will leak or break. The filter snaps into the cap, so it will come out when you remove the cap. Make sure you give the engine at least 20min to drain and change it when it is warm. you will get out 14-15 qts so make sure you use a proper container. I use the black drain pan/catch basin that walmart sells ($8) it is the proper size and because it has a spout with a cap you can pour the oil back into the empty jugs for recycling.
Do this first before opening up the drain plug as there will be 1/2 qt of oil in the oil filter housing and if you do not "open it up" first, then 1/2 a quart will drain into the pan after you have drained it.
1) Open and lift up on oil filter cap and oil filter (opens drain valve).
2) Open up drain plug and let fully drain. 15qts will take a while.
3) While motor is draining, you can now replace the oil filter.
A) Unsnap oil filter from cap - throw away.
B) Take off old O-ring on cap.
C) Put on new O-ring.
D) Snap new OEM/Racor/Motorcraft/Framm filter into cap - must do.
E) Screw cap/oil filter back onto housing (can do all this while your still draining you oil.
F) When drain pan has finished, close and refill with 14 qts of oil.
G) Start-up and run for 3 minutes or so - check oil pressure.
H) Wait 10 minutes and check dipstick - add oil as needed.
If you like you should also grease the front end including the universals on the front axle, plus i would drain the HFCM at the same time (since you have the drain pan there already). To do this park the truck front going up hill. Remove the fuel filler cap (gas cap). Using a 6mm Allen wrench remove the brass plug on the HFCM (aluminum looking thing mounted to the inside frame under teh drivers seat). Let it drain and then replace the plug being sure not to over tighten it. It's an o-ring seal so just snug the plug. Turn on the key wait 10sec turn it off and then back on. Do this 5 or 6 times to get the air out of the fuel system. Some will catch the fuel in a clear container to see if there was dirt or water in the hfcm. I never do. You also do this if you water in fuel light goes on. Start the truck and drive it around a little to make sure the air is out of the system (make sure you do this after putting oil back in....). I drain the hfcm every oil change.