Originally posted by strikeeagle
Tiny bubbles...
Ya' know,,, I was thinkin' that same song, but could not bring myself to post it...
Anyway, back to the real issue. Nick is certainly right about the bearings. As for the "not smoking" theory, well, you could have a small pinhole leak, that is only allowing enough coolant/water into the cylinder to provide a nice "steam cleaning" effect, but not be visible in the exhaust as of yet, due to dicipation throughout the system. However, if that's the case, it will only get worse and more noticeable over time. As Nick mentioned, it will lead to major trouble!
Have you pulled the plugs and looked to see if they show signs of coolant on the ends or an appearance that they have been "steam cleaned"? No-one wants to learn of a blown HG, per the labor involved, but yet we all know it's a common occurance on these boosted apps, with only 4 bolts per hole! Especially on a higher mileage version.
I bought one of the cooling system pressurizers a few years ago, for $109, at a high priced jobber parts location. You should be able to attain one cheaper at one of the mainstream parts retailers. If you keep the car, it's a tool you'll use many times...
Bottom line is, it does sound like a blown HG per your data, or one that is soon to really blow. Try a compression test, and check the plug condition in the process. It should give some signs.