Did i blow a rod in my firebirds engine?!!!P L E A S E HELP!!!!!!!!!?

I RECENTLY BOUGHT A 91 FIREBIRD WITH 285,000 MILES.when i got it,it was smoking a little form the pipes.i then drove it 2 florida(from alabama) and my uncle told me i needed 2 replace my o rings and heads.on the way back home i was racing a mustang gt on the interstate,and when i put ot in 2nd gear it started making funny sounds.and when i reached 100 mph, i heard the LOUDEST popping sound and smoke was going everywhere!!! i then pulled 2 the side of the road and saw water all under my car.when i was getting my car towed home there was oil all over the trucks bed and he told me i probably threw a rod,what does this mean...... ANYBODY WITH KNOWLEDGE OF CARS,ESPECIALLY GM PRODUCTS PLEASE HELP ME! I LOVE THIS CAR! JUST PUT FLOWMASTER EXHAUST ON IT!!!!!