I had the same problem. all what I can say is, do a compression test, start from the cylinder closest to the battery (#4), why, cause I am pretty sure that very cylinder (piston or ring) is shot already. you are looking at 160+ psi, if you have lower than that (I had 20psi) then it's time for a rebuild.

good luck and hope for the best.
I hope I am wrong tho.

Adel
http://stop.at/xtdsm

Iceman Intake--- poreted TB--- P&P intake manifold--- P/P/milled Head with 3 and 5 valve job--- Cranecams Drag grind #16--- Cranecams valve springs--- PT lifters and rockers--- AEM adjustable cam gears--- Hotshots headers--- test pipe--- Greddy BL cat-bac