Look at the 85 300d sudden oil loss thread just below this thread. It sounds like your engine may have been doing something similar: running on its own lubricating oil. This would explain the smoke and inability to stop.
The question is: why did this happen? Did you do anything different to the vehicle?

The broader issue is why is there a rash of these events? Has some cosmic karma turned against diesels in the last few weeks?

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13