I appreciate all your help,
The oil on the dipstick is not milky nor does it look to me like the is any foreign liquid present, but the dipstick is stainless and for some reason (it's probably been reading this way sense I acquired the truck) I just noticed the oil doesn't want to really adhere to end of the stick except for where the reading marks are.(the end is round and forms an point)
Anyways, the level of the coolant was about an inch under the "FULL COLD" mark but not as low as where it drops down to go into the radiator. As for the hose, it still had plenty of room for me to squeeze it and make the water go back into the fill tank.
To better explain, the truck was my daily driver. It went back and forth to work (about 8 miles a day) and to pick up the kids 3 to 4 times a week (round trip approximately 110 miles 3 to4 times a week). When I noticed a drastic decrease in performance I parked and have driven it maybe twice in a months time, for no more than a mile or two either time.
Now I have cleaned the MAF sensor, just to rule it out as a suspect, it seems to have developed a slight tick but it doesn't go in rhythm with the motor. It sounds like its coming from the a/c compressor. Any other ideas or suggestions before I begin dismantling things to replace the gaskets?, which is the culprit in my personal opinion.