Re: water in lower unit
The lower unit grease I drained out of my new Yamaha 150 4 stroke was also creamy, but there were no bubbles or water. You always want to drain it into a clean bucket/oil pan so you can inspect the fluids carefully. And mine was cream colored.
Everyone needs to have their lower units pressure and vacuum tested every 3 years or so. Maybe every 2 years if it's a salt water use. Rebuilding a lower unit is prohibitively expensive in many cases. Aftermarket lower units are much cheaper @ $845.
I ignored my lower unit seals, and ended up having to buy a new motor. My mistake. But my biggest mistake was taking the wife to the boat show in January and letting her sit in a new Bennington tritoon. She was telling someone it's like having a new BMW--but most new BMW's actually cost less.