Near drowning, is it too late?

[Slam Wagon]

Ok so here is the back story... http://306oc.co.uk/forum/thread-10786.html.

Basicly today im trying to sort her out, running rough this morning with alot of white smoke. Ive got the airbox off and maf disconnected.
Oil does have water in so im going to do and oil and filter change.
Ive taken out one glow plug so far, it looks like this...

Is this ok? Should i check them all?

What do i need to check next or what can i try? Will getting heat in there help? It didnt smoke yesterday after it got a jump start and ran fine when i was coming home.

Thanks for any help, i just hope i havent killed her.