Smokin' like a freight train

About a week ago I killed my Jeep wheelin' and haven't gotten it started since. Short version of the story is that I sucked in some water, stalled the engine, dried it out, it fired for thirty seconds and then died for about 5 days.
I replaced or checked everything I could and then it happened.... It fired up again. Although now It's smokin'... Out the PCV hose....

I put an aftermarket cone air filter directly on the intake hose which left that small vacuum line an the PCV hose left off. After I fired the engine white smoke was bellowing out the PCV Hose. It made a steady stream about 3' out the front of the XJ. Sounded like a turbo as I hit the gas pedal. In about 30 seconds of running I fogged my entire driveway.

WTF did I do this time?????

PS. After I shut the engine down I'm back to my original problem. It cranks and cranks, coughs, tries to fire, but never does.

you drained all the fluids after taking it for a swim, right?
if not, it could be water in the oil. when the oil gets hot, the water turns to steam. steam is heat, heat rises. the PCV is on the top of the motor.
could be a shot in the dark, but its the only thing i can think of.

I fear you might have hydrolocked the engine and bent a couple of connecting rods. If that's the case, the pistons won't ride in the bores properly and you'll get piston ring blowby, causing combustion gases to escape into the crankcase resulting in smoke billowing out from the CCV hose.
Check the compression in all cylinders (wet and dry). Low compression in one or two cylinders will confirm my diagnosis.

The smoke shot out right away so I know it wasn't actuall steam, It just resembled a steam stack on a freight train.

While at work I talked with a couple of buddies who were there when it happened. They also believe I'm getting exhaust gasses past my cylinders.

I don't feel like throwing money at this renix engine so I'm probably going to pull it and put the '91 4.0HO that I have in my (spare) XJ into my Jeep.

Now it's time to search for a thread that talks about how to do the swap.

I wouldn't bother trying to swap electronics. Just use the HO block and manifolds. You'll need to do some minor mods to the renix TPS to make it work on the HO intake. A google search will reveal an article with pictures. Other than that just use the rest of the renix sensors.