As others have suggested, it sounds horribly like a blown head gasket. (When that happens, the surface of the oil is often described as being 'like mayonnaise').
If you continue driving the car, keep a very careful eye on your temperature gauge. If it starts to head into the red, stop IMMEDIATELY (or, at least as soon as it's safe to do so - I'm not suggesting pulling up in the outside lane of a motorway!). If you don't do that you'll probably need a new engine.
Your next question is, I assume, going to be "How much?". A repair certainly won't be cheap. I had the head gasket go on a Ford Escort a couple of year's ago. My local garage repaired it for just under £500 in total (with the job taking around a week) but, as I was delivering parts for a Ford main dealer at the time, I asked several other garages what they would have charged for the job. Most people estimated between about £700 and £900, including VAT, with the main dealer suggesting a repair cost (excluding staff discount) running into four figures.
Chris