Blue smoke from the tailpipe means oil is consumed somewhere in the combustion process. The oil can come from various sources.
If you're technically inclined, i'd take a look in the inlet manifold to check for oil leakage via the valve stems. That's probably the easiest place to check on. If you have a video boroscope, you can take a look inside the cylinder after pulling its spark plug. If the spark plugs are easily accessible, a phone camera might also do. If you can see anything else than a perfectly flat cylinder wall, it's your piston rings. If it looks good, it can still be the piston rings.
Due to oil consumption, the pistons will probably have large chunks of black carbon on them. Same goes for the spark plugs.
If you car is turbocharged, oil can leak via the bearings of the turbo on either the inlet or exhaust side. I would suspect that the least though, but it the spark plugs and pistons are cleanish, it might leak via the exhaust side. My bet would be on the piston rings, but it can be something else. I very much doubt replacing the piston rings will be cost effective. (Read: if piston rings are bad, car is totaled.)
You can decide to keep driving the car, but consuming oil at such a ridiculous rate will induce problems quickly. As mentioned, oil consumption will give you carbon deposits. This can get you knock, burned valves, ineffective spark plugs and what not. And lastly, cops may pull you over and give you a ticket.
My advice; i'd let a pro do a diagnostic and make you an offer. If you decide to get it repaired, be aware that additional problems(=costs) may be found during the process. I guess getting a revised engine will be the most cost efficient solution if you want to keep the car, as it will fix all the engine problems, and it'll give your car new life.