Well you asked and said the magic word, head gasket. And you got just what I'd expect from people that don't know. You have only given a little bit of information to work with. You say the car is blowing white smoke so I guess it still runs, you leave me only to guess. I you would have cracked a piston you would notice a puffing if you remove the oil cap and the engine is running. If you blew the head gasket you would notice the radiator cap would blow off the radiator because everyone but the few that have answered so far know that the compression would come right back the same path they think the water is getting into the combustion chamber and what do you think that would do? Here is a tip. The way water gets into the combustion chamber is through the intake manifold. Why you needed to run flat out in first gear is a mystery but you now have to pay the stupid tax for doing it.

You blew a head gasket. That's what the pop was. The coolant was released into the combustion chamber and when you burn coolant with fuel it makes white smoke. Engine should only need the head gasket.

Well you didn't crack a piston. That would give you blue oil smoke not white. But from what you said you floored it momentarily to avoid an accident and it must have been on the way out already. On its own that would not break anything.

Whether it would have been better to have someone else pay for bodywork repairs or you pay for the engine work s for you to decide.

Go for it. Tear the engine apart without doing a dry and wet compression test. A cooling system pressure rest will find any external or internal cooling system leaks. If an internal leak is found a cylinder leak-down test will show exactly where the leak is.

A cracked piston skirt doesn't cause water or oil out the tail pipe.

The white smoke is stream, coolant and water, so you most likely have blown your head gasket. There is almost no chance it is piston damage, sorry dude.

Might have cracked a head, but most likely the head gasket.

Only way to find out is to strip it down, you will need a new head gasket anyway.

I was in first gear at wide open throttle this morning and all of a sudden i lost power and heard a loud pop (it felt like a fuel cut). My exhaust is smoking white and I am wondering if this means I could have potentially cracked a piston?