This would be typical of a leaking head gasket. Water dripping from the tail pipe is nothing to worry about on its own. That comes from condensation in the exhaust as a result of the catalytic converter doing its job. The white smoke is the problem. You should also see the coolant level going down in the reservoir.
When the head gasket lets coolant leak into the combustion chamber, it also lets exhaust gas get pushed into the cooling system. You might see bubbles in the reservoir but there is a more accurate test. That involves drawing air from the radiator through a glass cylinder with two chambers partially filled with a special dark blue liquid. That liquid will turn bright yellow if combustion gases are present.
You can also add a bottle of dye to the coolant although that is usually done when there is a known leak but you can't find it. After driving a few miles, you search with a black light. The dye will show up as a bright yellow stain that you can follow back to the source of the leak. That includes looking at the tail pipe with the black light.