Engine rebuild
 

2002, 2.7, 130,000 miles, first really big problem! Sitting at a light the other day, clutch in, car idling at probably 800 rpm, A/C on. Light changed and I started to accelerate. I was in traffic so it was a slow acceleration. Made it about 10 feet and lost power and saw massive amount of smoke (oil) out of exhaust. Pulled over and shut down the car and called a wrecker to take car to a shop I have used in the past. By the time the wrecker came, the car had leaked probably a half or a quart onto the pavement, dripping out of exhaust tips and other areas. The shop told me that they could not get the car to turn over with starter or manually. I saw it up on a lift and there was oil staining on the headers, exhaust pipe and residue in exhaust tips. Also drips from various exhaust parts. I didn't see any holes, cracks, etc. I took the car home on another wrecker and let it sit for a couple days. Just now went out to look at the poor thing (this has really been a great car - owned since new). I sat in it and thought, what the heck and put in the clutch and turned the key. Started right up. Lots of smoke. Immediately turned it off. Probably ran for less than 5 seconds. Thoughts? Is it rebuildable? I had thought about a replacement engine, but if it turns over and runs, can I fix it instead? Really appreciate any thoughts/ideas/recommendations? Willing to put about $4K-$5K into the car. Is this reasonable or a waste of money? Thanks.

How did it run? what sort of noise did it make? Pull the AOS, Tee Plenum, and throttle body, my first guess is they show excessive oil. If so you blew an AOS.

Engine rebuild
 

Very strong runner for a 2.7. No issues what so ever. No noise, just almost complete loss of power and smoke. Would a failed AOS result in introduction of oil into the cylinders? I had an AOS failure about a year or so ago and replaced it. I didn't lose power or have oil in the exhaust like it is now.

Lost AOS, locked up. Swap AOS, I'll bet it's fine.

Sounds like you need a new mechanic. I vote AOS, also.

Sounds like classic symptoms of an engine hydro-locking from the cylinders being full of oil. Especially since it started right up and sounded fine after the excess oil had a chance to drain out. In that case I'd also have to agree, AOS most likely. Good thing you shut it down immediately.

Remove all 6 spark plugs & inspect. Try to start engine with plugs out, look to see if oil is still coming out of cylinders. Keep spinning over engine until no oil comes out. Remove oil filter housing & inspect oil filter for metal debris. If nothing in filter change oil, inspect old oil in clean drain pan.

Engine rebuild
 

Thanks to all. Off to a good Porsche mechanic on Monday. Hope it is the AOS.

Let us know what they find.
All The Best
Duezzer.

sounds like the air old separator. don't get taken!

Looks like AOS to me too. I keep a spare AOS in my garage since I have them fail every 60,000 to 70,000 miles. A $130 part and the dealer will probably charge 3 to 4 hours labor to R&R it.
http://986forum.com/forums/general-discussions/51401-oh-no-j%E4germobile-broke-today.html

Could either be AOS or your engine imploded. I've experienced both and they look identical.

In two of my three engine failures, the engine still ran with oil coming out and smoke billowing out. Both had major damage from failed lifters. Don't run the engine until you can inspect it and confirm the source of the problem.

I hope that its just the AOS.

Pull the sump, and filter to look for debris, first and foremost.. If you don't find anything, then it may be the AOS.

Engine Rebuild - NOT
 

Thanks to all. It was the EOS. Replaced it and had everything cleaned up. Runs like a champ again!
Thanks again.