the firing order ciuld be off on the distributor, or the timing is off on the belt.

the smoke could be 3 things:

1) Unburnt gas from the timing being way off or th firing order off
2) Coolant from a blown headgasket
3) Oil from a blown up piston

just because there is OIL in the motor doesnt mean it wont shoot smke out if you have a fucked up engine.

check the firing order, an check the timing belt