it sounds like it may be condensation in the exhaust,the black smoke may be oil dripping past the valve seals and then into the cylinder,is this a deisel or gas engine?,desiels smoke allot ,but there should be no black liquid or smoke,maybe this is a sign of a defective head gasket,if thats the case,oil will be geting into the cylinger thru a cracked head or torn head gasket,this will allow a small amount of coolant thru mixed with oil,causing the smoke and black oily fluids.you may want to remove your oil dipstick,closely inspect the oil on the dipstick,for tiny discolored spots or bubbles this may be engine coolant.also check your engine coolant make sure there is no oil slick floating on top,good luck.