I agree, the mechanical fuel pump will pour gas into your oil if the diaphragm rips. The fuel pump is on the driver's side and is held in with two bolts, a fairly easy job to replace. Here is a picture of what it looks like on my 289, it is the circular shaped unit, right in front (left) of the oil filter.
http://www.mustangphotos.com/photopost/data/505/medium/P7301505.JPG
Make sure you don't run the engine...the gas will thin out the oil and you could cause some severe damage. After you change the fuel pump, change the oil and filter before running the car.