Hey Lars,
Why are you dismantling the car?
Like several people told you in the 911 tech thread, the video you posted shows the temperature gauge on the bottom stop and the photo you posted showed oil on the stick in the normal range.
You can't check the oil level until the oil is up to temp, a correctly-filled 911 will have no oil showing on the stick when it's as cold as your video shows. It's probably good practice to run a 930 with slightly less oil than completely topped off anyway, as it expands when it gets hot - so "full" for highway driving and "too full" after 10-15 minutes in traffic with minimal/no air circulation over the front oil cooler are the same thing.
Here's the obligatory gauge decoder ring:
At the very least, you need to warm the car up before checking the oil. I'd be very inclined to dump all the oil, provide a fresh fill of 10 quarts and a filter, drive it until the oil is full operating temp (180-190 degrees), top off to the "correct" level and see if it is still smoking.
Alternatively, have fun dismantling your car.
