Jeeps smoking!

My jeep is smoking white smoke badly, I pulled the plugs and all of them are dry except for #3 witch has oil on it. Its not making any knocking or weird nosies just oil in the #3. Do you think its valve seals or does it sound more like the piston rings?

Excessive color of exhaust can mean several problems. Very white smoke is typically antifreeze and can denote either leaking antifreeze or a blown head gasket. Light blue smoke is typically from oil. Grey or black smoke is typically from excess unburned fuel and is usually seen in a fuel system that is not properly tuned.