yeh drain the oil and put new stuff in it along with a new oil filter.
then b4 you go to start it disconect the coil wiring plug and crank it over for 5 - 10 secs, until oil pressure light on dash goes offto be sure the engine has build up oil pressure. then reconnect coil and start it up.
you should also after you start it up put a good quality engine flush through and then change the oil and filter again.
i know it's a pain but it's a lot cheaper than rebuilding the engine.
After time the oil will solidify and go hard where it should be wet. the flush cleanes out the hard deposits.
We use it at work in everyservice and it really works.