white smoke from exhaust?

What started as a straight forward oil change has become a bit of a problem. We drained all the oil out of the sump as normal, replaced the oil filter and decided to check the plugs The car is a three cylinder twin cam daihatsu charade GTXX Turbo with the plugs accessed from the top. After pulling off the first lead i noticed that the plug chamber was full of old oil. I soaked up all the oil with a cloth and pulled out the plug. I decided to wait before changing all the plugs however there may have been a small amount of oil and possibly water flow down into the chamber. I started the car and a lot of white smoke and carbon deposit came out. The car is a turbo but i'm concerned whether its is safe to try and run the vapour off or whether there is going to be a major problem.

What should i do from here??? any help or ideas appreciated

Dave
February 2006