heavy white smoke from exhaust...

[kikboxr1]

My car started doing this yesterday, out of the blue. It has a 5 year old GT40 crate motor in it with around 60,000 miles on it. I took it to New Orleans last week (14 hours each way) with no problems, except a strange occurance one morning when I checked the oil. I removed the dipstick, wiped it off, and when I replaced the dipstick and checked after that, I saw no oil on it. The car was completely level. So I put in one quart and then drove it around the block, came back and checked it again, and it read a 1/4th quart over full.
When I first tried to start the car this morning it sounded like the engine was locked up, as the starter seemed to try to turn but never would turn over, so I tried turning the crank manually with a wrench and it went very smoothly. Next thing I know I get in the car and it starts right up, but the smoke is still looking bad.
I took it to my buddy's garage and checked timing, oil level, fuel pressure, anything and everything but nothing looked abnormal except when I pulled spark plug number 1. It had a layer of oil on it.

I am assuming this means I have either a blown head gasket or some bad piston rings, but I just don't understand why, since I have babied that engine with Mobil 1 full synthetic since the second oil change.

What do you guys think is the problem? I would like to take it to my dad's place which is 100 miles from here. Do you guys advise against driving it further? It runs smoothly, just a bit down on power compared to normal.