mtbr64

this has been happening for about 2 weeks now.
when i drive the car hard at above 4 g's the engine likes to bellow out smoke from the exhaust. the smoke was first black now it has turned bluish white. for example if i climb the rpm's steady it won't smoke but as soon as i mash on the pedal it will smoke and when i shift into the next gear then even more smoke comes out. also when im in neutral and i rev the engine hard smoke will come out and the car will shoot red flames. could it be my car is running rich. please help me figure out this problem