One question I forgot to ask. Did you clean the water out of the air filter housing?
Water or coolant will not compress like air does. If you have water or coolant still getting into the engine ( even a small amount ) it will result in a certain amount of steam ( whiteish in color if it is antifreeze ) coming out the exhaust pipe. The engine will also run sluggish because the water vaporizes and dilutes the fuel vapor resulting in a very bad mixture in the cylinders and no power.
I believe you are still sucking water ( from the flood ) or coolant into the engine through one or more of the following areas:
1. Water in the air filter being sucked into the engine, resulting in poor performance and smoking.
2. Cracked cylinder head. ( From cold water being compressed into the cylinders, produces rapid expansion of steam and creates more pressure than the head or gaskets can contain and the rapid cooling of combustion face can crack the head. Results in poor performance and smoking.
3. Damaged turbo ( from the rapid cooling of the flood water ) resulting in poor performance. If oil seal from the turbo bearings is damaged, oil will leak into the turbo and cause smoking.
4. Water in the fuel tank causeing all the above. Do you have a water filter on this car? Check for water in it.
You may take it apart, but cracks may be hard to find without magnafluxing the surfaces. A machine shop will probably be needed.
Might be better to wait and let the mechanic diagnose further.
Keep in contact and I will help if I can.
Tuesday, March 18th, 2008 AT 5:35 PM