Same here; Groosly fimiliar - and a sad...sad day I must say.
Be VERY carefull driving on it in that condition or you'll warp the head. Especially letting it get into the RED on the temp gauge. When I sent my head into APE to have it my work done, they did tell me that the head was somewhat "warped" and it was recommended that I have it resurfaced (along with the other work I had done.) And I only drove on it like that a "hand full" of times never getting into the red. But by no means am I suggesting that you have a head gasket problem. If you don't correct it before riding on it too long - not to mention "getting on it @ WOT" you'll add to whatever your issue really is.
If I had to do it all over again, I'd go with the simple check list.
Radiator cap. (Be absolutely certain there is no air pockets in the system)
Inspect all hoses <> even the smaller returns. If they feel really soft as if they would collapse easily, then replace. (particullarly the smaller returns.)
Inspect and test thermostat. (Boiling water on the stove worked great for me and take the rubber gasket off before dropping it in)
Coollant sytem Pressure test. (Local autoparts store has the kits... make sure you get the adapter for small import cars)
Cylinder Leak down test. (Sears department store; with 10mm adapter)
Water pump.
I don't dare tell you the last thing, cause I don't wanna jinx it for ya. But it rymns w/ Fled Plastic and / or Smacked Head.
Hopefully you'll only need the radiator cap and a good burpin'.
I'm rootin' for ya!
Good luck.
Oh... and there is always the simple route - take in to the Stealership and let them run it down. Then in again, I've researched horrer stories on that topic; is why I chose to do it myself.
