Thanks for the info guys ... I did a lil reading up today and I too am sure its the head gasket which is blown ... Yes there is a whole lot of white smoke coming from the exhaust when i revved the motor. The connection between the turbo manifold and the turbo itself is where I can see coolant leaking from which i said before is from a loose bolt. I also checked my oil and the level has raised and also it is a light gray which indicates that coolant is mixing with the oil.
