bought a 1988 regal boat with 3.0 merc-cruiser drive unit.had it running a couple of times with water hose but not in water yet.guages all reading good.was going to take it for a ride and notice water in the oil.not just a little water,it was very milky.i've changed and rebuilt a few motors but boat motors is a new adventure for me.notice a couple of things,(1)water was coming out between the motor and belhousing,mainly on the right side,is there any freeze plugs on the back of this motor in that area?(2)water dripping out of an open hole on the intake/exhaust manifold just above the drain valve.can a bad gasket allow water to get into the oil or would this be a head gasket problem?or something worse.jeep john