I've seen where if there's alot of water in the bottom of the intercooler, it will look like smoke but it's steam.
Pull your lower IC boot off, and see what comes out.
I just pulled the lower one off our 450, and I'll bet a good qt or 2 of shtuff poured out. It puffed white when it turned left hard when cold.
As was said earlier, try to be able to stick your face in it, even if you need to have a buddy follow you in a chase car while your driving in the wrong lane.