Magik,
While it's true that bubbles in the cooling system are a potential sign of a head gasket leak, just by eliminating that possibility, you can't say that you don't have a head gasket leak.

There's obviously moisture of some sort in the sump. I'd recommend an oil analysis to verify that there is no or little coolant in the oil. Additionally, a compression test could pinpoint something as well.
Bogatyr

 

I'm actually gonna have the oil and filter changed tonight...along with having the anti-freeze checked and the battery. See what happens then...
If they'll do a compression test I'll have them do it...


Jason

 

Leakdown test. Watch for bubbles.

 

I had this happen on my 78 civic. It was the headgasket. It get progressively worse. Just change the gasket.

 

If the car waws sitting in a humid climate (lots-0-rain etc) then water will condence in the engine. After you run it it turns to vapor and migrates to the valve cover area and accumulates when it gets cold. Change the oil and filter, run it for about 50 miles at a strech then change both again. If you have the aftermarket cracnkcase breather change it too or take it off and dry with a hair dryer as that is where the vapor will want to go. This is easier and cheaper than just replace ing a head gasket. Hopefully this works, if not keep me posted anyway- Good Luck!