I own a 1967 PA24 260B. The engine has 1500 hours since its first rebuild. Recently I have had problems with fouled plugs and when they are removed they are wet with oil.
I have no mechanical knowledge and want to know:
do I need a new/rebuilt engine?
if my run up temps and mag checks are ok am I in danger of an inflight failure?

Have you done a leak down check on the cylinders of the engine? If not I would do that as a first step. See if there is any variation from your last leak down check. If you have a drop in pressure you may have worn / leaking rings which would also allow oil into the cylinder fowling the plugs. If you have dramatic drop in pressure (like 10psi less than last check) it's possible you have a broken ring. This happened to me and I replaced a cylinder at the last annual. Loss of pressure can also be due to valves but it's worth checking.

- Charles

What power settings do you normally use. Constantly using very low power settings can cause a glaze to form on the cylinders due to low pressure not pushing the rings into the cylinder walls with enough force. this will allow oil to pass by the rings.