Head Gasket or rings?

My neighbor has a 90's Talon. Turbo/AWD model. He was coming back from New Mexico @ 85MPH when the oil line to the turbo blew. The car overheated, and it sat in a garage for about 6 months. He took it out of storage recently, and I drove it around the block. It barely moves until around 5 grand, and then it shoots off like it should. Once it hits the power, though, ALL warning lights and stuff on the IP come on until you let off the throttle. It blows blue smoke from the tailpipe, as well as water. I know a little water is normal, but I think it's a bit more than normal. Do you guys think it's the head gasket, rings, or both??

his car is F***. Yes that head gasket. Might be turbo blew too. If I was him I not gonna run the car like that until every thing fix.

blue smoke is oil and water is condensation because coolant would burn if it got in the exhaust. Probably blew the turbo.

Turbo spools up, and it definately kicks in at around 5 grand.
How much would a turbo be? What are the chances the rings are still good??

It depends on alot of factors. How long did he drive it for after the oil line blew off? Why did the car overheat - loss of coolant or no oil? If it was no oil the motor would have likely blown to shreds and your rings/bearings/cylinder walls would be shot. Have you tried a compression test? If your compression is normal, then you'd better be looking at the turbo, otherwise start to narrow it down.