I'm back to working on this car after about a year of having it sit.

Originally i stopped driving it because it was blowing tremendous amount of smoke out the tailpipe and spraying oil everywhere under the hood.

I had replaced the pcv system less than 5k miles ago.
Rebuilt the turbo about 3k miles ago.
Not losing any coolant. not even after a year sitting, still bright green and clean.
I had an oil catch on the car until the issues. for about 2k miles. continued after removing it.

I've managed to get it to start and idle. Little smoke but I'm still seeing oil pressure under the hood. Broke my damn dipstick

Turbo, PCV, headgasket, or compression related?

 

Sorry about the hood flying up. I did that once, scared the crap out of me.

Have you taken a compression test?

 

Hood flying up?

I also recommend that you do a compression test. If that comes back good, you may want to order another PCV system and make sure you get the correct one for the motor, some are different which will cause problems.

Compression Test - Volvo S70 GLT, 1998

 

Your signature say the rings are shot? If that's the case, that is your problem.

 

Bad rings will build pressure, but the PCV should still take care of most of that. I'm thinking the holes on your block that connect to the PCV are clogged. I recently just went through my PCV and cleaned all to crazy detail, and I'm still getting white smoke out of my dipstick. I read on a different forum that a guy poured some seafoam down the PCV tube that connects to your valve cover to clean out the ports on the block. So I gave that try. I havent checked for white smoke yet, but between the seafoam and slightly pinching the dipstick tube I haven't had a blow out since, and I have a boost controller. I'm not guaranteeing a fix, but It's an extra idea. Also, a big problem on my car with spraying oil was a bad oil filler cap gasket. I guess your actually supposed to change the gasket at every oil change. It makes a HUGE mess.

Side note: Smoke out of the exhaust is almost definitely worn rings, if your turbo is not bad.

The first thing I would do is clean the PCV "nipple" (thats what I call it lol) its the piece on the air intake tube down by the turbo. Its decently easy to get at, and they get clogged very easily. Their are tutorials all over the internet on how to remove it if your not a DIY kind of guy. Then seafoam in the oil catch.

I hope this rant made sense, and I hope it helps.

 

I had smoke coming out of my exhaust and found a torn vacuum elbow that stopped it.