1997 Sidekick Sport

[Hoopt]

Charged my battery and pulled the plugs.  Carbon on #3 and #4 plugs mostly 4.  Turned engine over and #4 had water/AF shoot out. It was not as colorful as the 50/50 mixture in the radiator.  The leak is around #4 cylinder and it was immediate.
Not good?  Could it just be a valves?
Hoping for the best!!!
No indication of water on the dipstick.
I guess it needs to be torn apart to determine if gasket or cracked block.

Thanks.
I hope this warming today helps N. TX!