Ok,
I just purchased a 99' prelude that has gone thru 1 Qt. of oil in 400 miles. I have done a comp. test and readings are good 170,170,175,185. The plugs seem to have alot of carbon on them from my experience and if you rev it there is a wet black residue that sprays out of the exhaust (im assuming oil). There is also a noise that sounds alot like valve slap when putting a load on the engine. Anyone have an idea what i might be looking at here? (valve guide, turbo seal....)

Just the basics
Sleeved block
pistons 9:1
rods
valves, springs and retainers
t3/t4 turbo

 

is it water/black all the time, or only when you first start it up? I'd say its running rich, and the same carbon you see on your plugs is all through your exhaust, and when it starts up it makes condensation for a bit, and thus you get what you see. If you are hearing a slap, that could be a spun bearing, and that'd explain your oil loss.... Pull of your down pipe, and look in that and inside your turbo and see if you see oil, same with your intake charge pipe. How about a catch can system?

 

Hey Todd its chad. The black is just the car running rich. Do you hear piston slap all the time or only when you start the car cold? I believe you said you have JE pistons correct?

He pulled the ic pipes off and said there was no oil.

 

Yes, I do have JE pistons. I hear the (what sounds like valve slap) all the time even when it's hot. Not sure if the watery black stuff is coming out just at start up or not I'll have to check. I pulled off the intake side of the turbo and saw nothing I havent had a chance to look at the exhaust side yet.