Not going well :(

[benvtr16]

Was driving along today on way home from work. Came of throttle for roundabout was a noise can't really explain as didn't hear clearly stereo was too loud then it lost all power and started chucking out blue smoke and lots of it as well so I pulled over opened bonnet nd there's a knocking noise coming from engine can't tell from noise if it's from the top or bottom end.

Going to take the cam covers off tomorrow and have a look to see if any things broken. Any ideas on what it could be?

1999 mk2 vts

[wullvfr]

Not sure dude but its burning oil somehow......

Hope it ain't that bad,best of luck fella.

[benvtr16]

Piston ring? Snapped valve spring? Bent valve?

[jones91]

I'd take a guess that you've probably cracked a piston

Either way you'll probably need a new engine

[StUerror]

Yeah sounds like your cambelt snapped and you have shagged your valves

[Jerham]

Does it turn over freely?

[Elodin]

there's a knocking noise coming from engine can't tell from noise if it's from the top or bottom end.

Suggests the cam belt isnt snapped if he can hear a knocking noise, engine must be running to make noise.
Very strange one either way, any knocking would suggest top or bottom end has gone but that doesn't explain the blue smoke. You could have snapped an inlet valve spring maybe, that would cause it to run like el bago shito and would cause a big vacum during the induction stroke, sucking oil up past the rings into the bore, giving you blue smoke. Its all speculation and guesswork really, you need to get in about it to see whats gone wrong.