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Lots of things can make it smoke, many are no big deal. What color smoke and when does it do it? ie, only when floored from a red lite - while idling - only when cold - anytime driving - white, gray or black smoke, etc...
There's lots to learn to check as preventative maintenance, but I always pull the air intake tubing off (7.3's) and inspect tubing for dirt (oil OK, dirt BAD) and look at the turbo wheel. Check the wheel for obvious flaws/wear and try to wiggle the shaft.
Autozone and similar will read codes (not all codes...) for free, but the SES light has to be on when they check it. If you get a chance to have a full computer diagnostic check, you can learn more about intermittent issues as well as testing individual injectors, etc.
Like the others said, welcome and please come here for solid advice before spending $$ on your new baby.
Our 7.3 engnes pretty much will run on any quality Diesel oil.
Many,including myself, run Shell Rotella T, either 15W-40 or 5W-40 syn
Both are available at Wally world and the motorcraft FL-1995 oil filter is $10.00
dino oil is like $11.00 or so per gallon and the syn is $20 per gallon
Others run Schaffers, MOBIL DELVAC,Royal Purple or Amsoil
Thanks for all the tips. I climbed on top of the motor and sure enough there is a pool of oil between the heads. The O-ring mentioned, is that going to be on the oil reservoir? I haven't really had a chance to tear into it yet, but I have done some looking and bought a Haynes repair manual. I will be off tomorrow, but I will need to have it ack in working order by Thuresday night so I can go back to work. I will try to clean the sensor and see if that helps me get one less light shining on the dash.