Pulled my 1988 3.0 litre mercuiser out of the water today and went to drain and change the gear lube on the outdrive. In past years had a local mechanic come to the cottage to winterize, but he moved to Newfoundland!! (maybe that says it all!!) Noticed the vent plug was missing and most likely had been since we put it in in the spring. Drained the oil out to find about a cup of milky mayo looking junk and the rest was water. Oh crap!! Drained for a while, added a 1/2 quart of new lube thru the vent, drained, filled from bottom with new lube to the vent hole. Plan on draining completely in a week or two again and refilling. Any guesses on if I have damage?? Should I have the entire unit taken apart?? Incidently, it ran fine all summer and even this morning!