I've got a '69 Wellcraft that I scored super cheap the other day. It's powered by a 160 L6 Mercruiser. I figured it might be worth a try to see if it ran, and it does, but I'm getting a lot of water in the oil. I did find 2 cracks in the manifold, but I can't seem to see anything wrong with the block itself... I kinda hoped it might be just a lot of condensation from sitting up several years, but this is too much water. I let the oil drain overnight, removed the filter and gave it a few spins over (ignition disabled) to see if it would puke any more chocolate milk out, but I heard instead some water dripping in the oil pan, then running out the drain hole. I pulled off the manifold to check the block under it further, and found nothing. So, then I pulled off the head to check the cylinders for cracks and see what ever else I could find. Nothing out of the ordinary... I'm kinda stumped here. Is there anything else I can to do to find an answer? There might have been a internal leak from the head gasket, but I don't see anything telling me that. Any ideas from the MerCruiser Gurus?