check engine light. water leak?

alright i have a 94 gs 1.8 and the check engine light just came on. when i first start up the car the exhaust seems to look white and when i shut the car off i can sometimes hear a dripping sound? the car has 151,600 miles on it if that helsp at all. n e ideas please help me out thanks.

Water is getting into your exhaust somehow. Probably at the headgasket. The dripping you hear could be anything, but white smoke ouf of your exhaust is coolant being burned.