I guess I'm a bit thick. Are we talking smoke from the engine, itself, or smoke coming out of the exhaust? If it's from the engine bay area, could be that valve cover gaskets might be blown, or getting too much crankcase pressure in there for whatever reason (bad PCV valve, too much blowby, or something plugged up?), and thereby spewing oil onto the exhaust manifolds/headers. Otherwise (if it's out the exhaust), I'd wager on bad piston rings and/or valve seals.