Mechanics, do you think I need a new motor/car?

Im thinking the rings are going bad on my car. It is a 2001 Saturn SC2. It has burned oil for a while now, about 2 quarts every 5000 miles. Over the last 6 months it has began to start very hard, and if I don't floor the gas while starting, it will stall. Once it starts I have to keep the RPMs up for a little bit and the exhaust spews out blue smoke. I did a compression test and all four cylinders read at 160, which I think is rather low. What is wrong and what should I do?