You only have one head gasket. Is the white smoke just a bit or is it a lot when you drive. Does the water come out the whole time you drive, or jst in the morning. If the white smoke is like billowing out your exhaust, could be a head gasket. But if it's on;y a bit, i doubt it. Maybe your valve seals are bad, because it's old it could be. That would make oil leak in your cylinder, casuing the white smoke. Check your compression. Buy a compression gauge ($20) and put it in each spark plug whole and turn the engine over, one at a time, make sure it's level all across. If your oil isn't milky, I doubt your head gasket is blown.