3.4 smoke

I have a 2003 Tacoma 3.4 4x4. It Hasent ran in 3 years. It had some work done and the guy couldn't afford clutch so it sat for 3 years. It had new O2 sensor. New mas air flow. New fuel pump. New alternator. I brought it home to rebuild the truck. When I start it it smokes a lot of white/grey. And smells very strong of exhaust fumes. I have been monitoring oil and antifreeze and drained with no mixture of either. The fuel is very old inside the truck. Smells very bad. Has mainly been started and stopped and not taken out on highway. Could this be an old fuel issue? Should I throw some new stuff in it tomorrow? The gas light is on and needle is very low so I wouldn't be to worried about dropping the gallon inside tank.

 

Also noticed when I started it and turned it around on road and put back in shop there was water drips on floor from the whole exhaust system. Could it just a major moisture build up

 

Definitely always want to drain the (varnish) out of it and put new fuel in it after sitting that long!