i have a 1987 FoxbodyMustang and now when I start it, it chucks a crap load of white smoke.

I was going down the street and the RPMs
started dropping.  I didn't know what happened
so what I did was I floored it and I held the
ignition for a very long time,  and it was hard but it
eventually made the car start running.  But what
alerted me was that from the exhaust pipe was
white smoke. And tons of it.  I drove it home and
it wasn't too much it was less than .3 miles.  And I
looked at my gauges and my engine was getting
hot in my oil pressure was low.  So my
assumption was I need to get oil and engine
coolant.  So I put an entire bottle of 50-50 engine
coolant In the radiator,  and I put about 12 ounces
of Pennzoil motor oil in the oil cap place.  Wasn't
too sure how much to put in I don't know if I
should put in more. BUT.  I started it up again  
and might oil pressure was at the middle.  And
my engine never got too hot because I let it just
run and sit there.  But still was checking a lot of
smoke. But white smoke only.  I also noticed that
in the exhaust pipe it's charcoal black right now.  
My dad said that it had to be something with the
fuel in it being rich or something. But I'm not too
sure. I just need help quick.