Hi Travis,
     I suspect what has happened is that your oilpan is full of gas (and oil...but oil is SUPPOSED to be there). I had one of those blue tractors and the same thing happened... the needle valve in the carburator stuck and allowed the gas to flow (from a full tank) and on through the engine and ultimately down into the oil pan. When I started it up, not knowing what had happened... I had the same result as you, except that the gas and oil shot out through the oil breather and coated the inside of the shed...I was just darn lucky there were no sparks! I was always afraid it would happen again, so I sold the tractor and swore I'd never have another gas tractor. ( well, I now own 5....go figure <!-- s:lol: --><img src="{SMILIES_PATH}/icon_lol.gif" alt=":lol:" title="Laughing" /><!-- s:lol: -->) 
    Check to see if the oilpan is over full (look at the dip stick) Also check to see if the fuel tank is empty, or nearly so.
 If this is what has happened, clean the carb good and you might also consider new needle valve and components.
 Let us know what you find.
                Cal