I would bet money on a bad headgasket. Your losing water, white smoke out the pipe and a loss of power. Pretty good signs if you ask me. You dont always find water in the oil. SOmetimes you will find water in the oil, but no white smoke.

Dan

92 Rodeo, 3.1 TB crank, custom bumpstop spacers, DOR shackles, Flipped ball joints, D44 Rear, 4.56s and new magnaflow cat and dynomax ultraflow muffler Since been replaced by a 2 door Explorer on 31's shackles, cranked torsion bars and full exhaust