Engine Problem

[kinglenario]

I just bought a nice 2002 Superformance Cobra with a Ford Racing 392. After the first 20 minutes of driving this is what happened....

After I checked all the fluids and air pressure (glad I did cause they only had 11 pounds in them) my wife and I went for a ride. I drove for about 20 miles and everything was running fine. The first time I got into the power I was in 2nd gear and it pulled normal to about 5,000 RPM and then a loud "POP" came from the passenger side pipe and I could see a puff of smoke in the rear view mirror. The car stalled. I had it towed home and pulled the plugs. The first cylinder closest to the passenger, on the passenger side, the spark plug was completely bent over, and looks like it got hit by the piston or a valve. The valve gear all looked normal.

i don't have much experience with engines besides basic setup and carb tuning. am i missing anything simple it could be here, or are we talking about a big problem?


thanks,

Colin