Smoke coming out of the exhaust. Can someone help? Any knowledge?

I just bought this 92' honda prelude from a private owner for cheap and there's around 70k on it but it's an auto. . Anyways, i'm not really good with cars mechanically but i can tell you that the exhaust was broken off or got too old and was rusty till it broke off. I can see the exhaust pipe but not the muffler. Also when i accelerate, there's blue smoke that smells bad which comes out of the exhaust pipe. I heard that it can be caused by my oil burning? or my pistons need to be replaced? no idea. haven't took it to an auto shop yet but if anyone knows what to do or had a similar problem and solved it, please help me out. don't have too much money so some ideas that wont cost me too much. thanks.