You'd be lucky to get away with just a head gasket job. I wouldn't be surprised if the bottom end is damaged. Piston rings, rod bearings, and main bearings, aren't made to take that amount of heat. The oil breaks down rapidly as well, and the coolant that is most likely mixing with it isn't helping any of the afore mentioned parts.
Good luck...
FT: "Ductility: The property of metal which permits it to be reduced in cross sectional area without fracture. In a tensile test, ductile metals show considerable elongation eventually failing by necking, with consequent rapid increase in local stresses."
Basicly, the aluminum gets too soft to hold its shape. Especially under pressure, which is being applied by both combustion and head bolt torque. At least, that's how I understand it, although I could be wrong.