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what does this indicate?(oil smells like gasoline!!) 700

I was over at my friends house where my volvo is currently sitting(few miles down the road from my house..) and I was checking the car(88 740Ti) over just for kicks I guess since I'm not driving it now(turbo seals are blown....nice blue oil cloud out the exhaust under boost and a tad at idle..also weeping oil through the cold side a little excessively so I guess all the seals are shot, has 217K on it :D). I went to check the oil level and whatnot and still have oil weeping out the cap a bit when I crank her up(possibly pressure from the turbo being blown? or either a bad oil cap seal), I smelt of the oil on the dip stick and holy hell, it smells just like gasoline. Now I'm wondering why? I've got a brand new(about 500 or so miles on it) FPR that hisses loud as hell so I'm beginning to think my new part came messed up "outta the box" or either I have something else wrong. I need suggestions on what to check so please reply if you have experience w/ a problem like this, thanks for any/all info!!
--
matt f. 88 740Ti






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