I have a cigarette 38 foot top gun. Just bought it new to the powerboating game with twin engines been doing some trailer work on it testing the trailer out after my modifications and decided to run the boat a little bit on the water since I was out there anyway ran it for about 20 minutes at 40 mph roughly, they're turning 3200 RPMs stopped and checked the oil and I have water in one of the engines the oil was milky so I shut it down and brought it home, I've been asking questions doing some research just seeing what is on everyone's mind what this problem could be I instantly assumed Head gaskets and or intake gasket after researching I was told could possibly be exhaust manifolds. It has 565 dart blocks Merlin heads Merlin intakes on them haven't had much chance to run them since I just bought it a month ago and it got cold here so now I need to dig into it and see if I can find out what's wrong with it. Any input would be greatly appreciated, first on my list is to do a compression test
I wish i could post pictures but I don't think I'm allowed

Were your engines winterized prior to the freezing cold weather ?

what brand of exhaust does it have?

Yes they were winterized. And not sure. There a on piece manifold and riser. Wish I could post a pic but don't know how I probably don't have enough posts on the site to do that I'm assuming?

Host them at photobucket then copy and paste or become a paying member .

http://i147.photobucket.com/albums/r...31AA1CCF63.jpg

http://i147.photobucket.com/albums/r...0AE2EA882B.jpg

those look like old school kaama manifolds...the first thing i would do is contact the guy you bought it from and make him pay for it..you might have a bad intake gasket..also make sure the engine is getting to temperature..if its cold out it could be condensation but you would have it in both..

First thing I'd do is check plugs and find the wet hole or holes. Then check that manifold and do a leak down test if you find wet plugs. If everything checks out its probably an intake gasket

Ayuh,.... How were they winterized,..?? by Whom,..??

Those exhaust systems are Hardin p1000 's . They are probably OEM on that boat . I would definitely look at them first . I bet there almost 30 yrs old , way past there life expectancy, even in fresh water.. Tom