smoke screen....
You have to find out just whats burning!--it sounds like coolant,but it could be a blown diaohram in your vacuum modulator (if its got an automatic,and its not a 700R4,they dont have one)--that will make lots of whitish blue smoke,and will also suck enough dextron out of the tranny to make it slip,and possibly ruin it eventually.....
I've seen power brake boosters fill up with brake fluid due to a master cylinder with a leaky seal,and it gets sucked into the intake manifold and burned,that makes lots of whitish smoke too.( kinda rare though)...a few trucks I have seen smoked badly when the oil got diluted with raw fuel from a bad fuel pump--a plugged PVC valve or hose can cause pressure build up in the crankcase and make oil blow by the rings,that'll make tons of smoke too..using two cycle mix for your chainsaw will make it smoke real good too(ask me how I know this!!

) .so will oil added to the gas--one crooked guy I knew of used to dump a quart of oil in a cars gas tank at the auction he wanted to buy,so he could get it cheap due to the "junk engine"...
But most of the time its oil burning due to broken or worn piston rings,or a cracked piston,bad head gaskets or a cracked head or block...not good news..
You didnt goof and put diesel fuel in it by mistake did you!!---I did that once in a hurry when I was late for work,and pulled up to the only pump nobody was using..-

-I only got about 10 miles up the road and it started smoking so bad cars behind me had to pull over!--and my engine sounded like it was spark knocking itself to death--had to limp home at 25 mph,any faster it would just shut off and stall!!--I was REAL late for work that day,had to drain out the tank and start over!!...
Time for you to check theese things,if nothing seems wrong,a leak-down test or compression test will tell whats leaking if its oil burning(a lkeak-down test seems to be better--I've seen pistons and rings that were broken or cracked and the compression was still normal!--) look for oil on the spark plugs--you can see if anti-freeze is being burned just by looking at the plugs too--they will appear to be "steam cleaned" compared to the ones in the "normal" cylinders...good luck--hope its an easy fix..
