The truck is one of my buddies at work. He went to check his oil the other day and got a surprise. Changed oil about a month ago. When he opened the oil cap he discovered a white-yellowish looking slime substance in the filler area. Smells just like oil, no real smell of anti-freeze, but also kinda looks like water condensation droplets. His engine is running at normal temperature. Kinda tells me a cracked head or block maybe. I'm just looking for suggestions or ideas as to what it might be. Thanks!

Definately has water in the oil. Has he been off roaring in water? I'd do a compression test. Low pressure will give indications that the head must come off.

Ok thanks Herc. He hasn't done any off-roading recently but when he bought it, it did have a history of off-roading.

I forgot to add that he is losing about a quart of oil every 1-2 weeks now.

I did a little researching and it seems as though the PCV valve could cause the issue too. Another idea was this (from some website):

...which could be true

But I guess worst case it could be blown head gasket, cracked head or cracked block.