Find out why the gasket blew (warped head, etc.).
Since the oil has been contaminated with water, once you get the new head gasket in, drain the oil. What I've done in the past is then our a couple of quarts of clean oil over the cam, rocker arms, and timing chain while the plug is still out. Change the filter, put the plug back in and fill it with oil. Run it checking the oil for water. Remember, the oil will still have some water in it. Let it come up to temp, then change the oil again, and you should be all set.