It means you need to rebuild the engine especially the rings and seals. If it is a Honda, you can get a replacement motor installed for cheap. Well worth it too. They are either JDM (Jap Domestic Market) or USDM (US Domestic Market). A rebuild will be more expensive than any replacement engine. You can always sell your old engine as a running engine in need of a rebuild due to blowing smoke or oil. It is not worth much but it is worth something, Maybe about 30% of the actual cost for your replacement engine. Red
When oil comes out of the tailpipe it's time to see your machanic. the Piston Rings are worn, and need to be replaced.
Water (condensation) is a normal condition with a cold engine as stated below, but not oil?? Perhaps a bad head gasket/cracked head/ or block Water coming out of the tailpipe is not uncommon. You will probably see on a lot of cars on humid days with water coming out of the tailpipe usually it goes away once your engine and exhausts have warmed up. Check out the links below for better explanation. It also depends on how old your truck is. Trucks with less than 1000 miles on them sometimes have an oily residue exit out of the tailpipe. During maunafacturing of exhaust pipes, lubricants are used to prevent rust. Check the oil with a blacklight because a dye is usually added to initial oil in the engine. If you have a diesel, then you may have oil coming from the engine, loosen the exhaust pipe from the turbocharger and look for signs of oil exiting the tailpipe. If the turbo is leaking oil you probably have worn bearings in it and possibe wheel hub replacement.
you put too much oil in, it is burning the oil.
cracked heads, water and oil are mixing
blue smoke coming out of tail pipe means that your engine oil is getting into your cylinders and in the combustion proses it is mixing with your air to fuel ratio which mean your burning oil in your cylinder. oil can get in your cylinder this most frequently from a leaky seal or gasket.
Steam from the tailpipe, and water in the oil means you have a faulty head gasket. Not a good thing. The steam is the antifreeze/water coolant leaking into the heads (bad gasket) getting heated by the engine and coming out as steam. The water in the oil is the same deal, but it;s collecting in the oil so it isn't coming out of the tailpipe. You need a new head gasket. I promise.
Engine oil is entering the combustion chamber(s) .
Get a oil change You may have a bad head gasket, or a cracked head, or both.
oil getting by the rings causes white smoke and oil dripping out of the tailpipe.
This engine is running extremely rich. This can be caused by many things. Have it repaired ASAP. Serious engine damage will occur if you continue to drive.
Take it to a mechanic right away. The white smoke is from fluid mixing with the oil in the engine. Its probably the head gasket.
Burning oil