The classical answer to "what happens if my engine has too much oil?" is:

If oil level is high enough for the crank to splash in it at the bottom of the stroke, it can foam the oil, causing air to be sucked thru the pump and sent thru the bearings. Never done it myself.

 

Thanks once again people, I already drained out some oil about 30 min. ago! Oil level is now normal.

 

If you have too much oil in your car, the oil will find a way to go somewhere... breaking seals or what not. This is one of the main causes oil leaks.