I just went to change the lower unit oil and noticed some water in the oil as i went to drain it. it was not a lot of water but there is WATER. what might be the cause of this? should i fix it ASAP or can i get by with it for a while?
You need to fix asap.
Get it pressure tested.
Possibly the drain plug is leaking.
It needs thread seal tape.
Don't let it go as it might only be a little but it could get worse real quick and do real damage.