Today while driving my 2004, I hit the gas and the car sputtered pretty good and bellowed a good deal of white smoke out the exhaust and the check engine light came on. It seemed to coincide with the turbo kicking in or trying to kick in. Acceleration was poor, but as long as my foot wasn't hard on the accelerator, the ride smoothed out and it ran normally. I just bought this car yesterday and have only put maybe 40 or 50 miles on it so far.
*edit* It also burned up about a quart-quart and a half of oil in two days/40 or so miles.

 

Sounds like maybe a PCV issue to me.

 

Thanks for the reply/confirmation, Stop.
That seems to be a common issue as I have been reading around the internet. I just got a PCV breather kit and the turbo intake hose which has that fitting that apparently tends to clog up. After I tore it apart, I should have also added that there was a significant amount of oil in the intercooler pipe that leads to the intake manifold.

 

I installed the above stuff and drove it for about a day. After a test drive, it appeared to be coughing out some crap and running much better. It is running better, but still not perfectly and it has lost over a quart of oil after roughly forty or fifty miles of driving. Does anyone have any other suggestions? I am going to assume both O2 sensors have been fried at this point, but that won't account for what is the real problem and the oil loss.