Yeah, when my turbo'* went out in my old Shelby Lancer and in my Shelby Lebaron GTC-SX they smoked like an old *****. After the new turbo'* were put on they smoked until all the oil that was sitting in the exhaust system was burnt out.
If you don't want it to smoke and you are looking at getting a new exhaust system the sooner you get one put on the sooner it will stop. Most of the oil is probably sitting in the catalytic convertor.
Also, take the oil filler cap off while the engine is running to make sure no smoke comes from there and to verify to yourself that it isn't the rings or pistons.