You can quiet the exhaust noise quite effectively, but you will still be making plenty of noise from the prop by itself! Hopefully your neighbors won't complain about that.

I experimented using an extension hose and catch bottle to contain the oil from the exhaust. The smoke was still there, but I did capture a lot of oil! Watch this video:

[youtube]http://www.youtube.com/watch?v=sEqXVix94Wc[/youtube]