Here's the story. My friend wanted to hear my new exhaust so I reved it a lil, not anything crazy and I hear a knocking in the motor and a cloud of blue smoke puffs out the pipe. Then we go in and I come back out to leave several hours later and it's hard to start and is knocking really bad. I let it idle for a little bit and then decide to shut it off. There was more blue smoke, don't know how much because is was dark. Then I start it again and decide to drive it a bit. The knocking goes away and no more smoke. I drive it home at a reasonable speed and no knocking or smoke. After I get home, I rev it a little in the driveway to see if it will knock and it doesn't. However, it smells like burnt oil throughout this whole time. It sounds like it is coming from the passenger side of the block, but its hard to tell. Is this a rod fixing to be thrown or something else? This is my daily so I need to figure out if I need to swap another motor in before school starts in a month? What does it sound like to you guys? It is a stock 350 TBI with 112,000 miles on it. Should I just drive it and see what it acts like? I don't know if that's a good idea seeing I drive 60 miles a day to work, all on the highway. If it is something internal, I'm probably just looking at a complete rebuild? Any help would be greatly appreciated.