dude dont worry im 18 too pay for all my stuff but i started at the bottom bro, i worked at a grocery store and played sports, worked a landscaping job, worked at Targetnow a movie theaterand i work at a Ford Dealership and bring in1128 a month combined. If money is an issue with your current job then maybe its time to look for a job else where, thats what i did and now im satisfied with what i make.

Anyway the purpose of that hose looks like some sort of cooling for your heads... i have no idea since im not familiar with your engine. Having it out could cause a loss in compression and if it does provide air to your heads you could be getting hot (hows your temp guage) im almost 100% sure thats where your oil spray is coming from, had that been sealed up and everything working properly this may not have happened. Thats why its ALWAYS good to take care of things that fall off (your engine especially) when you notice them. Alot of the small things have a huge role with out one small piece you could possiblyopen acase loadof problems. I know it may not seem like the easiest thing to do at the time and it may put you in the hole but if you want your car running in atleast decent condition again id have it looked at by a shop. Just to be sure you havent damaged anything else.

 

OK, for starters your low oil light is registering your ENGINE'S OIL PRESSURE and has NOTHING TO DO WITH REGISTERING THE OIL LEVEL IN THE ENGINE...with the exception being if you had ZERO oil in your engine, then your oil pressure would read ZERO. Or, if you had next to nothing left for oil, the little oil that's left in the engine wouldn't return to the pan fast enough, then the oil pump would run dry, resulting in a fried (seized) engine.
What you did was overfill the engine to the point of overflow. Too high of a level makes the counterweights of the crank whip around in the oil (which it doesn't do at proper oil level), and creating a whipped up oil (milkshake) in the crankcase, and the resulting volcano of oil that you experienced. Drain the oil out, and refill it to the proper level.
But what caused the oil light to come on? One of two things...either excessive engine wear, since very sloppy main and rod bearings cause low oil pressure, or a bad oil sending unit.

 

a lot of people who i told this to also think thats its a gasket without me mentioning it so its not there just agreeing with me. and i wish i knew about that low oil light working the way it does earlier. but oh well things happen and a friend is gonna take a look at it once my brothers car is finished which i hope is this weekend. as of now im driving his ford f-150 and im so thankful that he let me borrow this truck. thanks for the responds