I have a 1986 Corvette, it has started having issues! I was out of town a week ago last night and my car started blowing WHITE Steam or smoke out the rear exhaust and I could smell antifreeze. I cut off engine and raised the hood to check water level but of course to HOT to do that, so I checked water in PUKE Tank, it was FULL, I let it cool a bit. cranked it back and same thing, I had to get car home 50 miles away, so I started down the Interstate and was running about 65 and it was still blowing the smoke, TEMP gauge was reading 260 and climbing and OIL Pressure was 62 usually 58, I came on down the road watching my gauges, and turned HEAT on wide open! Yea I was HOT as the Car, the car started water TEMP started climbing higher and higher, got to 280, started really worrying, then all of a sudden the gauge showed 300 and red light came on Water Temp Gauge then the OIL temp jumped to 300 and RED light came on OIL Gauge, I jerked it off the Highway and shut her down!! Called a friend with a Roll back and had it brought home.
The next day after she was Cool, I took off Radiator cap and of course it was I guess empty, checked PUKE Tank, and it was Full, so I new the Thermostat was stuck closed. Put new 185 factory stat in and filled with water, cranked it and water pressure was running 160 and she started smoking again or steaming again!! ,
The car still has plenty of torque and runs fine all but steaming and heat issues. so I checked water in radiator and it was down a little, pulled the dipstick and NO WATER in OIL, so I think that is a good sign, but I'm stumped as to what it is, I don't think the motor is Blown, but it has to be something like head gasket or water jacket problems but any help at all would be most appreciative, thank-you in advance!!

 

My guess is a head gasket .

 

My guess is it's a head gasket .

 

Thank-you! Would you think both sides since it was coming out of both sides??

 

I'm not a 'Pro." but I think a compression test is called for .

 

If your exhaust has a crossover pipe you will get steam out both tailpipes.
Pull and inspect your spark plugs, you may get your answer there as to which bank has a blown gasket. Plug to the effected cyl will look very clean, like it has been steam cleaned, no carbon or oil/gas residue.