Re: Cobra drive has milky oil....Result from ripped bellows?
The ripped or torn bellows protects the U joints. It will ruin your u joints in no time at all. Yes, there is as seal for the carrier bearing but milky oil is not USUALLY the culprit. Water in the bellows will also destroy that carrier bearing so fix the boot quickly.
I've found that the screw gaskets are #1 cause for leaks. Replace them all and then pressure test without the oil in the unit. Could be drive shaft, or prop shaft that is grooved/worn. If it's been in the sand a lot, possibly just ruined seals. Pressure and vacuum testing will tell you all you need to know. Fixing the findings is another story. Good luck...