I just noticed my 92 Grand Am is spitting out a lot of white exhaust and has a gas smell to it. I made it home but engine started sputtering and seemed like car was going into cardiac arrest. Haven't checked coolant yet as car needs to cool down but oil looks like it's ok. Maybe needs a quart or so. What could cause these issues?
It sounds like a cracked block. Like what one person said above in the comments, "a coolant leak into the combustion chamber". Coolant only gets into the combustion chamber through a crack in the engine block. A blown head gasket will cause a loss of compression, but won't cause coolant to be in the cylinder. One thing to check to determine if it's a cracked block is to look at the oil stick for white froth. This white froth is water in your oil.