I recently bought a 1980 BeachCraft with a omc 230 with a 305 V8 and a Stern Drive 800. I took it to the lake and within the first 5 minutes of running it I had watery oil coming threw my valve cover breather tubes and water was spraying in from some where out of the side of my motor. I put it back on the trailer and the compertment underneath my motor was completely filled with light brown watery oil. The motor ran perfectly fine. No backfiring or bad idle. I have been reading some forums and see alot of peaple saying its either a bad head or exhaust gaskets. What do you think and how sure are you? I dont want to take it to a mechanic and I am praying that it is not a cracked block. PLEASE HELP.