It depends what color the smoke is.
Blue:
Blue smoke indicates burning oil (this is the most common). If the car is older, or has high mileage, than most likely the piston rings have worn down and oil is getting by the piston as it moves down the cylinder wall. It then gets burned with the fuel, which produces the blue smoke. The faster you go, the more smoke pours out of the car. If this is what's happening, keep an eye on your oil level. You will definitely have to add some between oil changes. This would be very expensive to fix, so I would recommend continue driving the car and adding oil, but start saving up for a new one.
White:
White smoke is not such a good thing. It means that coolant/antifreeze has gotten into the cylinder and is burning with the fuel. This should not be happening. If your car is burning white smoke (not just the white exhaust on a cold day, but consistently produces white smoke), first check your coolant tank and monitor the levels for a while and note if it's going down a lot. You should also look at the coolant and see if oil is mixing with it. Also pull out the dipstick and look for coolant that was contaminated the oil. Look for green spots on the dipstick, or an oil consistancy of chocolate milk. If the coolant is mixing with the oil, and you continue to drive the car, the car is not getting the proper lubrication it needs, and the engine can sieze at any minute (this will junk the car). The mixing is caused by a blown head gasket(most likely), possibly a blown intake manifold gasket, or worst case scenario, a cracked head. If the gasket is the problem, your looking at about $700 in a shop.
Black:
If you have black smoke coming out the end, it means that too much fuel is being dumped into the cylinder, and not all of it has the chance to burn. This is caused by a clogged air filter, muffler or injector, faulty fuel-management computer, fuel pump, a faulty injector, or on older cars, a poorly tuned carburetor. This is a cause for your lost engine power and wasted money as well as the excessive pollution which kills 5 million people a year.
sounds like a stuck fuel injector
White smoke normally means you are burning oil.
Black smoke is an indication of an overly rich fuel/air mixture.
Burning rubber, or screeching the tires, and then accelerating.
unburnt fuel
Burning oil
Could be a diesel? If not then replace your oxygen sensor on your exhaust. A bad oxygen sensor causes the exhaust smoke to be dark in color.
White smoke means head gasket, cracked head or equivelant.
if it is white smoke engine need to rebuilt.
Piston rings or Rich oil .
Head gasket
It may be the heat shields on the exhaust system vibrating.