White smoke + heat light flashing?

[CrazyBoy]

Hi!


In august 2011 I got the car of my dreams, a well maintained Boxster S 2001 with 76 000km. About 3 weeks ago I got a little too excited and raced this sports bike, unfortunately I shifted a little late, gear 1, 2 and perhaps 3 red lined for a couple of seconds..

I have since taken it real smooth with the car and given up on becoming a race car driver.. I noticed white smoke from exhaust system when I start the car (i only take the car out on the week ends when it doesn't rain), the smoke goes away after a few seconds, I did notice what smelled like burned brake pads the last couple of times driving, but I had not used excessive braking, leaning down the brakes did not smell, but smell was coming from around the exhaust system..

Yesterday I noticed the light next to temperature gauge is flashing but temp is in the middle, so now I'm starting to freak out, I know nothing about mechanics so I'm worried if I blew a HG or damaged my engine during that race a few weeks ago..

Any suggestions?

PS. Car was taken to a reliable mechanic for maintenance in May, so I know oil and fluid levels should be up to par.

Thx