Oil explosions when revving engine

Hi all!

i have a strange problem in a friends car, it's a '68 Dart with a 318 of unknown origins and a 904, what happens is that when revving the engine high for example when burning tires there suddenly comes a great cloud of smoke from the engine compartment and when one opens the hood the entire engine compartment is filled with engine oil like someone dropped an oilbomb under the hood though the engine doesn't leak during regular driving or when standing still so the question is what might the problem be?