I was driving down the road and I see white smoke from every where pulled over and parked her. Was able to start her again with ease but the smoke continued. There is oil residue in the tail pipe. It looks like oil started to explode out the turbo. Any ideas? Top view
Bottom view

 

if its not the oil return line seal (which can spray oil all over the outside of the turbo) then I'd say your turbo's internal seals are gone. there are some vids on youtube on how to rebuild turbos to see what the insides are all about. rebuild kits are easy to find on ebay or you can shop for a used turbo.

 

if it was the internal seals, the oil would be in the exhaust as massive clouds of blue smoke. oil on the outside of the turbo is more likely from the oil plumbing to the turbo.

here's the turbo plumbing on the mitsubishi used on late model 940 T's... #5 and #6 are coolant pipes, while the oil comes from #9 and exits #14 hint, if you take this apart, be sure to have new gaskets on hand.

 

There is oil in the tail pipe but seemed like the smoke was a dingie white color. And this issue happened after I relplace water pump, ran fine then found coolant leaks. fixed all the coolant leaks I had. Then the next day this happened. I have 2 volovos right now and both don't work and I need at least one for a daily driver. 1994 940 and a 1991 740. Any help would be nice.

 

Rebuilding a turbo is not easy. Get a used one, plenty of them for $100 or less. But it could be something less costly--hard to tell with all the oil on there.

 

first I'd do is spray it down with foaming engine cleaner, brush it with a parts brush, hose it off, repeat if its still nasty, then run it for a short bit and look where the oil is coming from.

the connector on top of the turbo bearing is the pressurized oil being pumped into the bearing, the pipe on the bottom goes to the crankcase to return the oil, so the first thing I'd check would be that banjo fitting 10 right on top.