Why is it leaking and can it be fixed!! Help...

I just purchased a 90 Bronco everything works- except that it leaks oil. I was looking around- did I forget to mention I know nothing bout cars- I was changing the spark plugs, filters and stuff- like I said I was looking around to see where the leak is coming from and found that its coming from a small place between the motor and transmission. I dont know the name- but it's letting all the motor oil out plus it's smoking up not only under the hood but at the tail pipe. What can it be- some one out there please give me some hope. Ive always wanted a Bronco, now I have it and it's leaking. Can it be that my engine is shot or can I salvage or repair it. PLEASE- SOME ONE most KNOW something!!!
Thanks
A proud owner of a leaking Bronco.

It sounds like a rear main seal, which is expensive to repair, or an oil pan gasket leak, which can be expensive.

I have heard of some engines on Bronco's having to be jacked up several inches to change the oil pan gasket.

I think the only way to replace the rear seal is to remove the transmission. $$$

The engine is probably not shot, unles the oil level dropped low enough to cause internal damage.

Rich