Well I did a compression test and got a reading of perfect compression, but when I first start the car up, there is alot of blue smoke. Like today I left school, the car was maybe running for not even two minutes, and yes I know this is bad but it is my beater, and I pulled out and ran first gear up to like redline, look behind me and there is a massive cloud of blue smoke. Also I changed the oil at 314,500 and about 1000 miles later, not even it needs a quart of oil. I can't tell if my rings are worn, or if it is just leaking this oil. I know the seal around the spark plug wholes are bad, but would that be able to get into the cylinders? Also could I have gotten a bad compression reading if the oil that was in the spark plug hole dripped in the cylinder before I tested it? Should I do a leakdown, and exactly how is that done?

 

valve stem seals?

 

Sounds like the oil wiper rings are collapsed.
The first 2 rings are still in decent shape and that gives a good compression reading