Boat is an '87 powered by a 3.0 Cobra. I started the boat this spring & with the rainy weather we had this summer & other responsiblilities I didn't get a chance to get the boat in at all this year. I went thru all the steps to winterize & wasen't going to change the gear lube as it was fine in the spring. Well, I removed the dipstick to check the level & the oil looked milky. I decided to drain the oil & what came out surprised me. The oil looked like a vanilla milk shake. It was white. What I'm wondering is how the gear oil got contaminated with water as I never launched it this summer. All the plugs have seals on them & they're in good shape. I suspected the water pump shaft seal, but after inspecting it I saw no gear oil leaking past it. The boat has only been started twice this season. Ideas anyone?