If there is that much fuel in the airbox, there is a big problem. Occasionally the carb may spit gas back out the carb, but it should not be enough to drain. This is called reversion. Reversion is the flow of the air fuel mixture out of the cylinder and into back into the intake manifold. Reversion happens even on a stock engine because the piston is moving up the cylinder before the intake valve closes. When was the last time the valves were adjusted?
Also
White smoke can mean;
Piston oil ring worn
Cylinder worn
Valve oil seal damaged
Valve guide worn
Engine oil level too high