Water or smoke? Your thread title is smoke in the morning. Usually blue smoke on first start after sitting for a while is the valve guides/seals are worn. With the right tools and some carefull work, valve seals can be replaced on the engine, otherwise the heads need to come off to replace them.

Greg

 

could just be carbon build up. Or your just burnin some oil. If it ios smoke that your asking about. Does it smoke any other times?

 

usually when you get smoke on start up its due to worn valve guides. oil will seep down the guides overnight and build up on the fillet of the valves. When you start the truck you burn the oil off hence the smoke. Common on high mileage trucks

 

I want to assume that it is cold were your at.Are you sure it is blue smoke?Like the other guys said it could be seals.You also said moisture from the tailpipe.That would be normal as the exhaust pipe warms water will condense and exit the exhaust system until the pipes warm up.