Ronstang, you're pretty much right on with the PCV valve thing. Long Story:
This morning, I went to get my car smogged (required for registration in CA). However, the car's not smog legal if all the PCV stuff isn't hooked up. SO, last night I attached a crankcase ventilation hose (goes from oil filler to throttle body - bad place for a supercharged car). Previously, the hose was gone, and the attachments for it were capped, and I jsut had a ventilated oil cap.
OK, so i drove it to the smog place this morning, and, as required by law, they pulled the PCV to check it out. When they put it back in, however, it didn't seat as tightly as it had previously. Remeber, with the vent hose hooked up, I'm putting 7lbs of boost into the crankcase.... When I left the smog place the boost popped the PCV vale out, covering my engine nicely with oil.
I panicked, took pictures, put them on the internet....
Fixed it now, though, popped the PCV valve back in, and pulled off that damn hose, and went back to the vented oil cap.