Ok I have a 318 with a four barrel, electronic ignition, and headers other than that its stock. The problem is it seems to be sputtering water and oil out the exhaust. I cant imagine that its a head gasket or ring because it was rebuilt only 5000 miles ago. But it also has some bid plumes of white smoke come out when it starts, but only on occasion not every time. Is it a ring or must it be the head gasket?

 

White smoke from exhaust will be oil. You need to pull spark plugs one at a time to determine which cylinder is bad based on an oily spark plug.