6.0 oil gusher!!!
 

I just purchased a 2003 powerstroke from the bank as a none running truck. The only info the bank had was the engine was blown up. I got the truck and tried to start it starter was bad replaced the starter and it fired right up. The truck idled fine, sounds good but smoked like crazy and when you give it the throttle it revs but the you cant hear the turbo spool and no power above idle. I noticed a ton of oil under the truck after investigating I found that while running oil was poring out of the exhaust clamp on the back of the turbo. My questions are what are your guys thoughts, turbo or motor, and what should I check next?
Give me some ideas!

Are you positive it's oil? A lot of times when headgaskets fail, all of the coolant being pushed out and leaking into the exhaust will mix with the soot that is already in there and make it look like oil. I'd take the turbo off and see what you can figure out.

Agreed with above statement. Also if it is oil. The icp sensor is in the hpop cover under the turbo. I have seen them leak oil bad enough to shoot it all over back there since it is 500+psi coming out.

100% its oil there is enough of it coming out to be positive. Im going to pull the turbo to see how it looks. Im just thinking its the turbo cause you cant here the turbo whining at all when you rev it up and it has no power. it blows out ton of grey smoke when its running

You're not going to hear the turbo spool up when you're in park just revving it up. Not enough fuel is being pushed through to spool it at that point.

When its in drive and it has a load on it you cant hear it spool. also the truck takes about 3 or 4 sec. to start smoking.