smoke out the tail
 

Ok my car has 105k on it and it has been pony whipped from the previous owner with nos. So for some odd reason if I do punch it which is rare cause I don't like beating on it. A lot of smoke comes out of the tail pipe and smells like burnt oil also a little smoke comes up from under the hood on the passanger side by the pcm coolant level is fine and oil isn't milky. What could it be I'm thinking bad piston ring or maybe burnt valve.

Probably bad rings from the nitrous. It's likely burning oil the rest of the time, too. You just don't see it when not beating on it.

So how should I go about it change all the rings and pistons out

You would want to verify your problem, first. Do a leakdown test to see. If you have never rebuilt an engine before, you probably want to read some books on the subject.

heres a quickie-check your compression in an easy to reach cylinder, both wet and dry. 15 psi difference between the 2 indicates problems. check your pcv system for complete function. install a factory GM pcv valve.

Ok will do but if i do decide to rebuild the motor what kit would be the best to do. I was thinkin like a 383 with forged pistion rebuild kit that summit racing sells and maybe the cc503 cam with behive valve springs. Also how much would it cost to bore to get it the .30 over i think it is.
Lastly for the 383 kit would i have to buy different parts that may complicate the build. Anyone that has done this kit or a similar kit let me know what you think of it and if the other kit is cheaper that would be even better.