The oil light came before the misfire.
I noticed blue tinted smoke out of the tail pipe.
I was told by the people who do my oil changes, that I may be burning oil. So I started checking it and keeping extra oil in my car.(It doesn't lose oil at the same rate. Some times the light never comes on, other times it comes on right before I need the change, or other times it may come on quite a time before I need the change.)
As I looked into what could be wrong, I noticed a small oil leak. It wasn't dripping around the pan, so I checked where it could be.
I took the valve cover off and saw that the gasket was trashed, and there was just the tiniest bit of oil on one of my spark plugs, so I replaced it, and them.
Seemed to stop the leak (At least I never noticed it after that)
While in the mood, I decided to take on my check engine light (Which was the O2 Censor)
Changed that, and than is when the misfire begun, and the shaking. (I later changed the O2 Censor to the model you suggested)
After that I jumped on these forums and everything else is in this thread.

I don't have a lot of money, and a car is something I need to do all my daily activities. So there in lays the problem. If I try to sell this car, and save up money, I'll only get a new car with new problems (which could be smaller problems, or things I can fix before that because real problems). If I try to fix this one, and have to do what you think, it'll cost me a lot of money just in parts, and the labor would be crazy for me (Computer guy, not really a mechanic). I could always buy a rebuild engine, they seem about as expensive as the parts to fix it myself, and way cheaper than having a shop fix it; only problem there is getting it into my car.

I'm going to spend quite a bit of money no matter what I do, so at this point, I guess it's just about figuring out which is the best uses of that money.
I do like my car, being my first actually car I've owned, but I do like getting from A to B without the fear of exploding.

 

See/hear for yourself.

The shaking goes away when I accelerate.

 

That sounds like a misfire to me. BUT, I'm NOT an ASE Certified Master Mechanic or do I claim to be a mechanic at all. I've just kept a multitude of cars that I have owned over the past 45 years running pretty efficiently. Since you said it's pretty much a problem with the O2 sensor replacement, that's what I'd start with. There are proper and improper ways to change out an O2 sensor. I won't get into them because of the statement about my not being a mechanic. Do a google search and you'll find the proper procedure for that. Oh, and to add to it, the DOHC is well known to burn/use some oil between changes. Don't be overly concerned about that. You're doing the right thing by having extra oil on hand and keeping a regular check on it. Props to you for that.

 

 

 

 

What were the results of the compression test on that cyl?

 

Okay, so, we had two options, ****ed and totally ****ed. I think my car is a bit of an over achiever in this sense, cause I think I'm both.

I have no clue how the compression went down, for the wet test, doesn't make much sense to me.
Nevertheless, I have some problems here. Cylinder number 3 has a hole in the piston, the valve seat could be broken, or the valve is broke (has a hole in it, or is missing a part of it (Which may explain the gas smell if it's an intake valve)), cause there is no compression. Again, I don't know what lower compression means on wet (Don't think that's a thing).

The compression for the cylinders that had any, built fine, I think. Jumping 15 psi each stroke, but I don't know if that's good or not.

From what I am reading about, I now better understand my problem, but it is still up in the air the exact problem. I could have a hole in the piston, the valve, or the intake/exhaust at that cylinder, which would give me no compression. Which really, doesn't help me, cause my problem was already going to be the pistons, valves, intake/exhaust, or head gasket, so I'm going no where fast.

 

 

The book goes over a whole list of things I need to do, but some of them I couldn't see a reason for.
When removing the head. I am to remove, the valve cover, intake manifold, exhaust manifold, drain oil and coolant, detach and move out of the way the power steering, remove belt, timing cover and chain, of course negative off battery, and than the alternator, and some sites said the oil pan maybe.

Mainly the last two seem weird to me. It didn't seem right. When I was under the car last, it didn't look like the head was even close to the alternator. The alternator didn't seem to be attached to the timing cover either, same with the oil pan, so I'm not sure why I'd be removing them.

Also, depending oh what it is, what is the generally option of PickaPart for parts? I mean, it can't be worse than what I have right now, right haha.