ANSWERS: 2
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Most likely it won't run, and if it does it will be leaking gas, oil and compression at such a rate that to run it would be to risk running it without lubrication or coolant, at which point you don't have an engine to fix anymore.
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The more the engine runs with the head gasket 'gone', the more damage will be done. A blown head gasket can: etch the top of the block and bottom of the heads due to exhaust gases 'blow-torching' through the crack. Oil can enter water, water can enter oil. Both can result in bearing failures, coolent system damage, and more. Don't drive it if you don't have to (meaning only if it's a life-threatening emergency). Every turn of the engine is damaging more than just the head gasket. It's ruining the entire engine.
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