On the first boat ride of my vacation and I discovered water in the engine compartment. It was wet all over including some milkyness in the carb. With the cowling off and the engine running, I could see water coming out underneath where the alarm buzzer is on the cylinder head. It is a tough area to get a clear view of exactly where it is coming from. Enough water comes out that it puddles in the back area. The high temp alarm did not go off, I could not smell/see any exhaust in the engine area when the engine is running. The engine still runs and idles well with the cowling off. I have read some of the threads related to water issues and I can't decide if I should re-do the exhaust gasket (doesn't sound like fun) or remove the cylinder head to check that gasket. Can a head gasket give good compression and still leak water? Or could it be the engine to spacer plate gasket and I should remove the powerhead? Your thoughts/ideas are appreciated