Re: Left plug out - Now have water in the oil?
I had a boat sink at the dock a few years ago - luckily it was sitting in water only 3 ft deep. I forgot to put the ladder up and it ended up getting ripped off the back while I was driving, and left a small pin hole in the transom. Water seeped in over night, eventually filled up the whole bilge. I got a phone call after it had been sitting for a few hours. Everything up to the intake was completely submerged - only the carb was above water. All electronics, battery, gas tank, completely submerged.
I had a few friends help me lift the boat up, drained all the water out with a sump pump, and changed the oil immediately - complete milkshake. Plugs out, cranked over for 90 seconds, plugs back in. Drained the gas tank and filled with fresh gas. Started motor and it fired right up. I let it run for a few minutes and changed the oil again. Ran it again and changed it one more time until all the milk was out. I was very lucky - the only thing that went bad was the ignition coil. Everything else was working fine up until this June when I sold the boat. Sometimes you get lucky. You can get rid of that milkshake in your oil pan, but I'd be worried about everything else that was submerged.