engine click or knock or ??????

[iddie makel]

I've replaced my master cylinder and brakes are firm.Now,the engine has started this loud clicking.water is also coming out of the tailpipe and there is white smoke.I am a good parts changer,but am also a poor mechanic.Would some of you mind giving me your thoughts as to where I should begin.I have a '55 with manual transmission.The engine is running and the car drives,but the white smoke and clicking is a problem.Is this a valve problem or worse?Thanking you in advance for your anticipated responses.
Iddie

[TODD]

Iddie, the white smoke indicates water is entering one or more of the cylinders. Check to see if the radiator is losing water. A little bit of water will drip from the tail pipe under normal conditons, since water is a chemical byproduct of combustion. White smoke or large amounts of water/antifreeze coming from the exhaust are not normal. One thing to try is a compression check on each cylinder to look for a blown head gasket. Another test is to see if exhaust gases are entering the cooling system.

The noise could be many things. The fan belt can be removed prior to a short engine run to see if one of the belt-driven accessories is causing the noise.

A listening device made from a section of heater hose will help pinpoint the noise source sometimes. The rocker arm covers can be removed and then the hose can be used to pinpoint noisy valvetrain components.

[iddie makel]

Todd,Thanks for the help again.My coolant seems to be down a little ,but not much.I'm saying maybe an eighth of an inch from the normal level.the temperature guage does not show that the engine is overheating.I drove about twenty miles sunday,and the white smoke looked like I was spraying for mosquitoes.The dip stick does not show water,and I drained the oil about four days ago and did not notice discoloration or water.I'll follow your advice.
Iddie