Here is my sad story.
I was driving a 1997 SE Bonne up a hill on the highway (this is in Puerto Rico) when I noticed the Check Engine light come on, but I did not notice any malfuction, stalling or hesitation from the car, so I kept going on trying to reach a road exit to stop & check on the problem. I did notice after a minute or so that the temp gauge was reading high (3/4 of the way), when I finally reached a highway exit (at the top of the hill I was climbing) and pulled up. I did not turn off the car, ckecked the coolant level and it was way low. I was carrying coolant in the car, so I filled up the coolant container and continued driving, hoping for the car to cool off and get me home. Shortly afterwards, I noticed the temp gauge going up again (I don't think it hit the red mark, but got close) so I exited the highway again and parked the car at a McDonalds to let it cool off. The car never stalled except for a little hesitation while stopped at a street light before I parked it. After 1/2 hour, I checked and it had ran out of coolant again. This time I added water to the radiator and tried to start the car, but it wouldn't start (it cranked, but did not start). I noticed some white smoke coming out of the exhaust when trying to start. So I towed the car home.
Next day, a neighbor helped me on checking the car (I am not mechanically oriented at all). This is a young guy who graduated from some trade school????. After hearing my story, he suggested doing a compression check, which he did by pulling a spark plug and measuring press while I tried starting the car. 4 spark plugs showed 150, but the two middle showed 120 psi??? When pulling the plugs, he found them to be full of dark oil??? and even watery oil in the case of the ones on the back of the motor??? The oil dipstick did not show any sigh of water (chocolate like look???) He suggested replacing the plugs to start the car and we did. The car started, hesitating and missing and a thick white smoke was coming out the exhaust. He also said that water from the radiator was disappearing fast. I turned off the car and he commented that the "valve cover plate" was screwed up (warped???) and had to be replaced. I mentioned to him about the intake failure I had read in this forum but he did not seem to know much about it. So we called it quit at that point, but before closing up he asked to start the car, but it would not even crank. He said there was"water in the cylinders" now. Hydrolock???
After a few days, discussing my case with a friend of mine, he suggested to remove all the spark plugs and to crank the car so any liquid inside the cylinders would come out. Another friend of mine, amateur mechanic helped me on doing this (actually he did all the work), He removed all the spark plugs and I started the car and it cranked car and liquid spurted?? out of the motor. He commented that the liquid coming out did show signs of oil and water. He also commented that oil dipstick showed indication of fuel in the oil ???? Put back the spark plugs and called it quit until we decide what to do and I am sure I am ready financially to do whatever.
This where I stand. In the meantime I reacquired my old 93 Bonne from my brother to move around. I am going to start evaluating my options, which I am not sure what they are.
What should I expect??. Any suggestions on how to proceed??. It is obvious it looks like the dreaded intake failure, but what do you think may be the extent of the damage?? I am hoping to hear it is not that bad.
If I were to consider swapping motors with the 93 Bonne (Series 1???), would that work??

You can swap the motors if you do the Engine/tranny/PCM/harness. Both engine/tranny are generally regarded as more reliable then the 97 setup.

You have classic intake failure, and you MIGHT be able to save it, but it'* a knife edge at this point I bet. DO NOT crank the car with that intake anymore, you're only adding to the coolant already in the block (where it shouldn't be). drain the coil asap as well. If it does work after this there will be some wear in the cylinder walls, you may burn more oil, loose power, etc in the long run.

Thanks for the help. Pardon my ignorance, but what do you mean by "drain the coil asap"???. Is this the coolant system????

He meant drain the "oil" ASAP. Draining the oil will remove the coolant that has mixed with the oil from the crankcase and pan.