Yes, the wet spark plugs are caused by the blown head gasket. On every intake stroke the piston is pulling the coolant in through the hole in the head gasket.
It’s really not possible to tell whether it’s a blown head gasket or a cracked head or block without pulling the head unless you can visually see coolant seeping through. Either way, the head has to be removed anyway. It’s really rare to find a cracked head on a stock engine…but not uncommon to find a blown head gasket. The odds are highly in your favor.
This does not mean your valves are shot. What is actually happening is that every time your piston draws down in the cylinder to pull in fuel (the intake stroke) it’s pulling coolant through the breech in the head gasket. It’s then simply pushing the fluid past the exhaust valve and out the exhaust pipe, either as coolant vapor that condenses on the cold pipe or perhaps even as liquid. Or perhaps some of each.
For a 15 year old fella that doesn’t know much about cars you’re asking some pretty insightful questions. Allow me to suggest that you pick up some books on automotive fundamentals at the bookstore. If they have none that look good to you, post back and I’ll recommend a textbook. Textbooks are expensive, but you can learn a lot just be reading.
Let me suggest also a Haynes repair manual from the parts store. Removing the head from this motor will be a great learning experience and, frankly, you may save yourself a ton of cash and get a working engine. Read the procedure carefully before strting and ask us any questions you might have. We’re all happy to help.