No. A blown head gasket would result in engine coolant entering the cylinders. You would have steam and radiator fluid coming from the exhaust pipe. Depending on where the gasket has let go and how badly could also mean damaging the pistons and valves, but such damage would only occur at higher RPM's. The "ticking" sound you hear is probably a sticky valve lifter. Change your oil or add a can of Risilone. That should fix the problem.
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