Gasget or PCV valve?

Recently I was driving back from calgary when I noticed a bit of smoke and it smelt like burnt oil in my car. I noticed that when I stopped to check the oil, it was pressurized and smoke shot out of the dip stick tube. I thought it might have been the PCV valve, and when it was taken off the problem subsided. Some people have told me that that won't fix the internal problem, and it will still pressurize. Has this happened to anyone else, and therefore, what was the cause? Will I have to dig deep in my pockets for a new car or engine work?