Jeep - Cherokee :: Conked Out After Losing Power And Making Increasingly Loud Clunking Noise

We were flagged down on the highway by a very nice fellow motorist because we were gushing coolant. It was gushing. My passenger was a guy friend who used to work as an aircraft mechanic and works on his own vehicles, so I deferred to his supposedly greater automotive knowledge when he said I didn't need to call a tow truck. We got to within 100 feet of my mechanic (about 5 miles away) when my poor Jeep conked out after losing power and making an increasingly loud clunking noise for the last 500 or so feet. We pushed it in to the auto repair bay. The engine was smoking and would not start. The mechanic replaced a worn out radiator hose, which had become disconnected from the radiator (due to swelling, I think he said?), and the truck runs. There isn't a discernible difference in the engine performance after driving it around town for the day. My question is this: is the engine likely to be FUBAR and am I just playing a waiting game until it croaks?