This is really bad. Sorry you are in this situation. Start tearing down to heads. Don't take off the covers just yet. As you proceed with possible head removal, you have to take off the timing belt, so you will see it's condition way before getting too deep in there. If your timing belt is snapped - pray you have a 3.0 liter engine because it is a non-interference type. Almost any other Mitsubishi engine is an interference type and it means valves would be contacting cylinder top and most likely result in an extensive damage/rebuild. Can you find the engine code for your truck?

Actually it looks like a 12 valve 3.0l engine is non-interference, while 24 valve 3.0l is interference type

 

Thanks for the reply man, how would I know which motor I have? Where is the engine code located?

 

To find out interference vs. non-interference you have to Google it and sort through a ton of garbage. It would help to know the engine code. You may be able to resolve that from VIN or look for a stamp on the engine. The stamp should be somewhere on the block. Sorry can't help more.

For now, pull the timing covers off and take a look at your timing belt (or what's left of it). Don't panic just yet

 

I thought the preliminary was the belt was in decent shape and under tension...

 

You are right.
Can you see if the camshafts spin and rocker arms getting depressed when you turn over the engine?

 

I could only see the timing belt through the little peep hole access panel.

But you guys said that didn't mean anything and I should still get access to it fully so I am going to try and get access to it tomorrow evening.

Also I did the compression test with the valve covers on so I cannot see if anything is moving.

 

That's why I said preliminary...

It could still be off some number of teeth or broken it's still worth looking at properly but I wouldn't jump to any conclusions at this point.

 

Got it, well I'll keep you guys posted tomorrow night on what's going on and if the belt is broken or not.

 

I'm on the edge of my seat.. It's like watching a horror movie ;P Glad I'm not in it...

 

UPDATE:

Sorry I have not reported back sooner, I had to fly to Texas with my fiance for a family emergency.

I gained access to the timing belt this afternoon by removing the main front bracket/pulleys etc.

The belt appears to be IN TACT and seems to have plenty of tension...

So if the timing belt is NOT the problem, what is my next step?

Blow head gaskets?
Internal damage?

What would have caused all of this from the get go though?