Well for one, why are you reving so high & hard when you're having engine problems? :eh:
Black smoke means you're definately burning oil. Usually white smoke is a sign that you're burning coolant also. Have you needed to fill up the coolant more often? If you're not sure I would check. Last thing you want it to do is over heat. It sounds like you need a new head gasket. For now, stop driving the car so hard before you do further damage and need a new head.
test for head gasket:
run your hands in the exhaust. rub them together... are they damp? they should only be a little damp, you should not feel water on your hands. exhaust should _not_ be like the bathroom after you shower.
also, when the car is cold you can take the rad cap off and start the car. if there is a bad head gasket water will be very turmolous, possibly even spitting out of the radiator.
if you wait too long and you cook your car, guess what, you get to buy a new head...so be careful in your diagnosis.