I'm afraid to say it sounds like you're engine's worn out, and on a 1995 car it's unlikely to be worth fixing. Is there any sign of oil loss other than the level going down (such as a spots on the ground if you leave the car parked)? If not then you've probably got a worn engine and oil is getting passed the piston rings in to the combustion chamber of the cylinders, this could also explain the smoke although it usually appears as blueish smoke not white. This can be fixed although it's a struggel, on some cars you basically have to take the engine out and strip it down to do it, but to be honest if you by some thick oil and the appropriate redex additive you'll be suprised how long you can ignore it for. It might also be a damaged cylinder head gasket, unless you're bl**dy good you should really get a garage to do this because it is complicated and if you get it wrong it's bye bye engine. You'll also need a torque wrench before you even start. If none of this helps you can e-mail me at mushroomgod@postmaster.co.uk and I'll see what I can do to help.
AIdan Henderson
November 2006