When I "step on it" with my 93 S4 it really smokes badly.

AFAIK white smoke indicates a waterleak, blueish smoke indicates burnt oil and black smoke uncombusted gasoline.

My smoke i black, yet it smells of oil.

Where to start the troubleshooting?

Regards... /Kent Johansson Audi S4 4.2q 1993 Audi 80 2.6e 1993