With water in the oil on a 22R/E its one of 2 things. Drivers side timing chain guide is broke and the timing chain has worn thru the cover exposing the water port.  Very common. Or its a blown head gasket which is most likely to occur in Cly # 3 or 4. 
By the looks of the compression test u did only verified its a blown head gasket on #4
IF you did the compression test with a bunch of water mixed into the oil it WILL lower your compression reading to where yours are.  1st thing to do to comfirm that it is a HG is to pull the plugs starting with #4.  The color and whats on the tip and threads of the plugs will tell you everything.  More then likely it will be wet and very black.  If  your not sure by looking at the plug then put the hose end without gauge into 4 (and as with compression test make sure coil is disconnected) Also make sure you have a good charge on the battery.  Then what I do is stick the hose end into a bottle and crank the engine over for 10 or so seconds. Check the contents of the bottle.  It does help if you make sure the raddy is full of water.  This trick I guess it is works best when the engine is cold.  You may have to crank it more then once but I dont recommend cranking the start for more then 15 secs at a time. 
 Hope this helps you figure out for sure what is. Oh and if 4 doesnt put show signs of water try 3 and so on.
And again almost forgot another way to encourage the cylinder to deliver its water thru the compression testers hose is to poor a small amout of oil into it. This will create great compression which will cause it to puke.