Yikes! Gas pouring out the exhaust is a sign of a stuck open carb float.
You need to drain the oil and replace since it is probably fuel laiden.
Take the carb bowl off and see if the float is stuck in the down position.
Some newer carbs have electric shut offs that block the inlet. You can test this off the carb to see if it still works.
I would suggest getting a carb kit and a new carb float.
If you need further info there are websites that have breakdowns of various types of carbs.
http://www.lawn-mower-shop.com/carb.htm