Unfortunately, there is a problem with the Schwarzschild solution. When the distance from the center of the system is equal to a constant multiplied by the total mass of the body, the Schwarzschild metric (recall that this is the function used to measure distance in general relativity) becomes infinite, and has no time dependence. Although it cannot be proved here, this corresponds to light being trapped at this distance. Even worse, when the distance is smaller, time and space swap properties, so that ordinary distance acts like time and time acts like distance.
Black Holes
According to a person who falls into a Black Hole, the event horizon does not exist (this is shown by transforming to other solutions for spherically symmetric bodies) but when they cross it, they can no longer send messages to the outside world. The person then continues to fall towards the center.
According to a person a stays at a constant distance from the black hole, the person who falls in never reaches the event horizon. They appear to slow down forever, and messages sent from the person seem to slow down.
White Holes
The problem with white holes is that they violate the SECOND LAW OF THERMODYNAMICS. (This will be covered in a later section) Basically it states that any ordered system becomes more disorganized (like if you drop an egg, it will become a disordered mess, but a disordered mess will never spontaneously form a perfect egg), and so a system which produces adds order to a system is not possible. This is why many believe that a white hole can not exist.
Worm Holes
However in the real world, there are many problems with travelling through a worm hole. The first problem is that the black hole and white hole would have to be very similar, and so even a small particle could break the symmetry and destroy the worm hole. This may be possible to resolve by using exotic matter which is not currently known about and which could stabilize a worm hole. The second problem is surviving such a trip. The gravity around black and white holes is so large and varies so much in space that anything in the region of a black hole would be ripped apart. ( For example if the space shuttle approached a black hole, the front would be pulled in faster than the back of the ship and probably break it)
Naked Singularities and the Cosmic Censorship Hypothesis
However there is a lot of research which indicates the possibility of NAKED SINGULARITIES. These are similar to black holes in that the center of the system is a singularity where the laws of physics fail, but differ dramatically because light can escape from them. Therefore the singularity can be observed and studies, and some research indicates time travel may occur at the singularity.
The problems which accompany a naked singularity made some physicists decide there must be a COSMIC CENSORSHIP HYPOTHESIS. This rule, which as yet has no proof, states that nature abhors a naked singularity (thus its title) and so, if it can ever be proved, everything works without problems from a singularity.