this morning i started up my car and for some reason white smoke started coming out of my tailpipes. I checked in the back and noticed that some dirty water drops were also splashing out the back - is this something i should worry about?

thanks

oh yea - i just got my PCM reprogrammed by madz28.com

 

If this remains a one time occurence, don't worry. It's more than likely to be weather related. Condensation in the exhaust.
If it starts happening all the time then you probably have some worn valve guides or seals. Or other problem.