I have at 1977 fiat spider with coolant the in the oil

Screw hole leads to the water jacket. Your options are a cracked head or a cracked block. The third option, head gasket, you say you've ruled out.

sorry it was milky oil that came from the second bolt hole not coolant/oil could that change your previous response?

Nope. Milky oil-oily coolant=basically the same thing-Oil and coolant mixing. In my experience, there's only 4 ways that happens:
1: Blown head gasket.
2: Cracked head.
3: Cracked block.
4: Purposeful sabotage=someone pouring water into your crankcase or oil into your radiator.
Use a cooling system pressure tester on a warm engine. Pressurize the system to about 13-15 PSI. Listen for any hissing or bubbling sounds coming from the block. Use a piece of hose or a long piece of metal to help pinpoint the source of the bubbling.

is there anyway that a improperly installed water pump could create this problem im asking this because the guy i purchased it from installed one

I highly doubt it. Unless he really broke something bad while changing it.

alright well i have already taken the head off and im bringing that to autovalue tomorrow to see if its cracked so its too late to do the pressure test and if it is the head or if is the block do you know where i could find either and for about what price i live in red lake falls MN 56750 if you can find anything close to me thanx

Look in your local Yellow Pages under Auto Parts-Used and Auto Junkyards or Wreckers. Call around and tell them what you need when you find someone that has older Fiat parts. You have a Spider 124 or 124 Spider.