I had an 82 240 carburated car given to me.The deliverer said it was running good after sitting for 7 months.It made a pop noise and began smokin.I checked the compression and it is good.The front and rear spark plugs are soaked in oil.
Could it be a seal or head gasket?Its my 6th 240 and I`ve never seen this before.

Try posting again with more information. Is it smoking from the exhaust or in the engine compartment? Assuming it's in the exhaust, what color is the smoke? When do you see it, at start-up, all the time, until the car is warmed up, upon acceleration, or...? Have you noticed any oil in your coolant overflow, or any evidence of water in your oil (frothy, chocolate shake appearance)?

"The front and rear spark plugs are soaked in oil."
Clean/replace/switch the plugs and try again.

What king of plugs are they (brand, model #)?

"It made a pop noise and began smokin"
Smoking where (engine/exhaust)?
--
1980 245 Canadian B21A with SU carb and M46 trans

There are oil rings and compression rings...all I can assume is oil rings. It would be really wierd for a headgasket to blow on one and four. I have over 2000 customers, and I've never seen this before...but then neither have a seen a carburated 240.