I have a 1981 301 turbo trans am. But the problem is when I accelerate down the road the more I accelerate the more the car gives out a heavy thick white smoke. Any ideas of what the problem is?

 

blown head gasket.

 

Thats what i thought but when the smoke comes out it smells like burning anti-freeze

 

It would do. The coolant is getting burned in the combustion chamber.
I had an old Audi 5 cylinder that did this, when I took it apart two of the cylinders where so clean they looked new! Your dipstick may look milky if the water has contaminated the bottom end.