I would'nt drive it! Drain the oil and refil to the correct level.
The crankshaft will be churning up the extra oil in the crankcase will cause the oil to get foamy and full of air bubbles, air bubbles do not pass through bearings well, and would cause less oil to reach the top of the engine, thus resulting in lower oil pressure, and worn upper engine components and failed bearings. Also the resistance of the oil on the crankshaft is going to lower engine output. Not a lot of the extra oil is going to blow back past the rings either. Most of the oil is going to take the easiest way out which is out of the crankcase through the PCV system and end up going back to the air filter housing or intake manifold, that is where you get your smoke, from the PCV system recycling the crankcase gases, and all of the extra oil.