J,
It's not uncommon for the radiator reservoir to boil when an engine overheats. That's probably what you're seeing (not trapped air in your cooling system). Even if there is another problem with your cooling system, you need to replace your thermostat. If your engine overheated to the point of boiling your antifreeze, your thermostat is almost certainly cooked.
My recommendation is to get your radiator professionally flushed, replace the thermostat (or better yet, removed from OEM location and put in one of those inline thermostats that deermagnet posted about). Try running the engine again & if it still overheats, then it may be time to replace your waterpump.