You have an oil leak and when you step on the gas pedal the preasure inside the engine makes the oil come out faster and when it hits any part of the exhaust it starts to smoke i would find the leak and replace the gasket
SOURCE: 1992 ford tempo oil leak?
Definently sounds like the rear main seal. My 97' Dodge Ram has the same issue and it leaks in the exact spot and has the same symptoms. Changing the gasket on the rear seal in simple but it's hard to get it apart to get to it unless you have the right tools and mechanic know-how. Your car seems to be leaking more than mine so it seems to be worst, but it is most definently the rear main seal. I put gasket maker/sealer on mine and it temperarely stopped the leak but due to pressure it will always seem to start again. Your best bet is saving the money or if you have it, invest it and go ahead and have the problem fixed. Hope I was of some help.
SOURCE: 98 f150 4.2 110.000 miles went to start up engine started clacking and smoking out exhaust
the intakes go bad on these engines....... they leak coolant in the cylinders and cause a hydro lock that causes the rods to bend making the piston skirt hit the crank......" clicking noise" theres a law suit in progress for this issue......... you can find info on the internet
SOURCE: 1995 Ford Probe GT no spark
Along with above, you could also have a bad coil pack firing off too.
SOURCE: Have a 96 ford thunderbird
Check the color of the oil if it looks like a chocolate shake you have a blown head gasket
SOURCE: Ford Probe Engine jumps down to 0RPM while driving
The tach suddenly falling to zero while driving is a classic symptom of the notorious distributor failure in the 1993-94 Probe GTs. There is a part in the distributor called the ignitor that is failing because they were not made to withstand the high heat conditions of the Probe GT engine compartment. Unfortunately, Ford does not sell ignitors and they charge an insane price for a new distributor.
The easiest solution is to buy a replacement disty. The problem is that many of the rebuilt distys sold by auto parts stores also have ignitors that will soon fail. There is an outfit with an eBay store called the Distributor King that sells replacement distys with upgraded ignitors. The distys they sell are manufactured by Richporter Technology and the model that works on a '93 PGT is number MZ25 ( thats the manufacturer's number, not Distributor King's). You might try checking the price on eBay then google the part number and see if you can find it at a better price elsewhere. There are also other vendors on eBay that say they sell the same identical disty for less than Distributor King. You could email them and ask who makes their distys.
If you are handy and have some time on your hands there is a way to jury rig a replacement for the ignitor for about $20. There is a detailed discussion of that here.
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