Oil water mix everywhere.

[ToddMThayer]

91 StarCraft Eurosport 5.0LX Alpha one Gen two. When I first got it, ran with the muffs and found a out leak from the out drive. Repaired that and found water mix in the outdrive oil. Pressure tested and found the leaks. Fixed that. Checked all fluids and everything fine. Took it to the lake and tested the boat. When launching it I flooded it but eventually got it running. Took it out on the lake and ran it 20-25 mph. Everything seemed fine. Gauges, etc. stopped the boat for a couple of minutes and it died. Took the cover off and milky oil everywhere. Previous owner replaced the intake. There is water in the oil, but engine turns. Where do I start from here? How do I clean this mess up? Thanks in advance.

 

[Bt Doctur]

most likely from a cracked block from improper winterization

 

[ToddMThayer]

The starboard side riser has rust where it joins the manifold. System has a lot of rust in it. Used a endoscope on the cylinders. The only one that shows water intrusion is #6. Going to compression all next. Boat was winterized and used a bilge heater.