Chuck: I assume the color of the smoke is white, which is steam. If it has a blue cast, it is oil. Are you getting a flow out the stern - it should spit out a couple of feet? If it is spitting then part of the problem is that you did not go far enough in the cleaning process. AFTER the heat exchanger, a flow of water goes into a EXHAUST RISER, which hangs off the exhaust manifold. The water entering the exhaust riser cools the exhaust before it goes to the aqua lift muffler.In my case (25XP), I did everything you did to no avail. It was very frustrating so I started looking further and when I tried to blow through the hose to the exhaust riser I found it was plugged. The plug was at a nipple on the exhaust riser but when I replaced the entire exhaust riser (about $175) I found the new one was lighter than the old one. That was because all the pieces from blown impellors etc ended up there.If you do not have an exhaust riser and instead have a "black pipe" setup there is probably a clog some where in the black pipe system. The problem with the black pipe is it starts to rust 2 seconds after it is installed.