Sounds like the cam is out of place... but a burnt valve in every hole is highly unlikely... even with a burn valve, there should be SOME compresson there. No compression at all means the valves are totally gone or the crankshaft isn't moving.
One thing you could do, if you don't have a compression gage is to put some kind of cleaner (like carb cleaner) into each spark plug hole (disable the ignition first!) and leave the spark plugs out. Crank the engine. What ever amount of carb cleaner you put into the cyclinder should come right back out. Compression just indicated whether the cylinder is sealing to allow for combustion.. great website for info on terms like that is
www.howstuffworks.com
I know it's kinda late, but hope i helped a little