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Blown gasket, from the sound of it (for "other options" mind you).
What it sounds like, is that oil is getting into the combustion chamber, from a source it shouldn't be, hense the smoke. The motor's computer can adjust the fuel and timing to burn the excess oil (which is why you can add things to the tank, such as...well oil for one, without causing problems [sound fimiliar?])
I can't think of what gasket could have blown, maybe the head gasket?
As to the cause? It could be a number of things, but mainly overheating or a worn out gasket (normally caused by improperly torqued head bolts [i.e. premature failure]).
I wouldn't say you motor is toast just yet, maybe it just needs some love :P.
Sorry didnt mean to be rude with editing the post (at the time there was no replys!). It was a quick decision as I just happened to find a wrote off 99 F350 with complete motor this morning, at 1st I didnt want to replace the motor but after thinking it over and realizing that it could just be a hassle trying to fix the old one I made the call and went for it. Thanks for the reply Rod, I'll pull the motor down once its out to see what went wrong.
So I just found out the oil was changed with 5-30 regular engine oil!!! Could this be the reason I'm having massive blow by and tons of smoke?? I already paid for the new motor, so I'll have that anyway, but if its the oil I'd like to not change the motor over it lol!!
Regular oil can cause all kinds of issues. If the oil is to thin it can blow pass the rings.
Change the oil and use 15-40 diesel rated oil. Motorcraft at Wally World was on sale
Ok I'll do an oil change tomorrow and see if that works. I bought the truck a couple months ago and the oil dip stick was broken off. The motor was dirty but no oil all over. So it doesnt make much sense that the motor would go from running fine to spewing oil all over the place in only 1100kms of driving and NO towing!!!!