loss of compression... oil light on... white smoke

hey guys, i have a white smoke coming out of the tail pipe. after about 10 mins of the engine running, the oil light starts to come on when the rpms drop beneath 1000. 2-3 mins after that, i cant get the oil light to go off unless i idle at 1200. At this point, i need my foot on the gas because my compression drops to about 500rpm. Got any solutions?

head gasket failure.

head gasket failure.
Goddamit... I was hoping it wasn't that. Is it worth salvaging, or should i buy a new car?

well, that depends if you feel like dropping $1500 into a new head gasket. If I was in your situation, I'd dump it. You can use that money towards getting something else.