That's what happens when a wizard tries to get into mugged sports. There's always something peculiar under the hood.

Hmm, I expected dark smoke. How come it is so white?

Engiatus Defectum!!!!

And now.. a sailing ship!

Smoke full video.

Looks like cheech opened the window again.

#1 Kind of hard to tell, I'd normally say burning oil, but the oil that would burn in a regular car would probably be more of a bluish tinge. This thing isn't a regular car. The two other things it might/could be, are coolant (if the head gasket blew and allowed coolant to seem into the cylinders where it would be vaporized and turned into steam, which I doubt, considering the rings catch on fire at the end...) OR, more likely, vaporized super heated fuel. Once the mixture of air and fuel gets closer to an ideal and there's oxygen to actually create combustion, it does so spontaneously and hence the burning rings.

Course, I might just be spewing pure tripe.....all of that above is just a guess.

Could be the oil, but I'd expect darker blueish smoke as well. May be these things run on alcohol and this is how it looks if it makes its way through the exhaust without being fully combusted?
Either way, it looks damn awesome.

#2 White smoke means water (steam), blue smoke is typically oil and black smoke is usually too much fuel. The coolant passages must have been breached and water is getting into the combustion chamber/cylinder.

Cool fire rings!