what motor ?.
brown oil , sludge in rocker covers , sorry to say but i think you have a bigger problem than just some condensation.
it is a possibility there is water getting into the oil somehow ( crack in block , cylinder head gasket ,intake corrosion ,etc) , you must find the cause ASAP or you will damage the bearings in the motor. running on milky oil is never going to end well.
on a lighter note ,it could be your process for changing the oil ,(inboard ?) if you are sucking from the dip stick and not getting all the oil out..
? how many hours on the motor since it was swamped.
? how many oil and filter changes.