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I've seen a bad fuel pump cause this. Gas gets pumped into the crankcase, ignites, ballooning the valley pan, valves covers and even the oil pan. It you're running a mechanical fuel pump you may want to take a look at it. Does your oil smell like gas?

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You have unburned flammable gases in crankcase.

Blasted up against the intake. How far did the dipstick shoot? 20 ft?

A plug wire must have grounded/arced on the pan.

http://img210.imageshack.us/img210/9092/intklj.jpg