Yep...head gasket for sure. Water leaking into your oil and white smoke steaming out the exhaust pipe...burning water oil and fuel when reving it up. If you dont have white foam in radiator yet...you will soon. You can just replace the head gasket (cheapest way to go) and drive it some more miles or just rebuild the motor, usually about $1200, parts and labor, at a good automotive machine shop. If you can pull and reinstall the motor yourself you can save 1/2 the total bill for a garage to do it, about $2500. New motor means many more miles and money well spent.
Hope this helps...