Water in oil...exaust leak?
 

Well we fixed the problem with the motor only turning 3000 rpm it was a bad ECM. But now that I was able to run it pretty hard I found water in the oil. I saw steam coming from the valve cover vent. I noticed a exhaust leak on the back side of the manifold were it bolts up, but would this cause water to get in being that they are water jacketed (stainless marine) it felt like just exhaust gas coming out. Also we just replaced the intake gasket when we changed the injecter filters so I dont think its coming from the intake. When I ran the motor on a garden hose there was not a sign of water. When it only ran 3000 rpm it didn't show up either. I had a problem with water before thats why we changed the intake gasket, could it be left over watery oil just steaming off ? The motor is a 502 EFI.