Smoke and oil coming from exhaust tail pipes
 

I have a 2001 A6 2.7T with 92,000 miles on it. Just bought it a few months ago. This morning when i was leaving it was about -5 degrees out with the overnight temps falling well below that. Car started fine and ran for a few while I scraped snow/ice off. About four blocks away I smelled burning oil inside and then smoke started coming from the exhaust. I pulled over to inspect. No smoke from engine compartment. There is oil dripping out of the exhaust pipes. My coolant seems to be fine with no oil in it. Checked the oil and it was basically gone. No noticeable power loss, engine noises, loud pitched turbo hiss or anything of that sort. From what I've researched this could either be the PCV valve and spider hose or the valve seals. Anyone have any insight?

It is not the valve seals, if they leak oil it is a slow process, you would not get dripping. Also a bad valve guide seal will result in a lot of smoke at startup and then it will disappear as the engine runs. Unfortunately it is more likely a failed seal on a turbo or a blown head gasket.

I agree with Many. If you've got oil dripping from the tailpipe(s), it's not valve seals, rings, or even the PCV system. Has to be from the pressure side of the oiling system such as,,,,,,,,the turbo bearings and seals.