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I just had this problem in July. Same symptoms: Lot's of white smoke out of passenger side pipe, water shooting out of the plug hole, hydraulic lock also. I tried the intake gasket 3 times then took the head off to discover the problem. Ended being the worst problem... Cracked block between the water passage and cylinder wall. My motor had a 1969 block.
Hopefully you just have a gasket problem.
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CHRIS
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