please help, here it is , noticed at the weekend a little white smoke from the exhaust when returning to idle, thought oh well job for the winter then went out for a short run and noticed oily smoke on transom, oh !then ran it back home and watched the oil pressure drop to 20 ,so stopped checked the oil , water on the dipstick with emulsified oil ,checked in the rocker cover emulsified oil there to oh no,so what do i do first drain the oil down? could it be head gasket or exhaust gasket ? please help .

Sure hate it for you, but on the brite side all those extra pony's you've been thinking about could start being added on. Pull it tear it down, find the problem and start putting in all those extras I know it's not much help but don't just drain the oil and keep on runnin it hopen it'll fix itself cause it won't you'll end up with more damage.

If the engine has not been over heated recently, the exhaust is most probable. If you have recently overheated the engine for any reason, I would lean towards head gasket and/or intake gasket.

mr hot steper , know what you mean money tight at the mo so ive got to repair it really this time not going to run it tilll i fix it first
hi blue thunder no never overheated it could it just be exhaust gaskets as i renewed exhaust system about 3 years ago ?