Water in the oil

['78 gt boat]

Purchased a '78 GT boat with what I am being told is a BBC motor. Took it out for 20 min in the delta due to sundown. Checked it out the next day and found water in the oil when pulling the dip stick. I had a compression check done and there is 155-160 in all cylinders, however I was told that they found water in #5 and 6. Any ideas on what could cause this? The previous owner stated the top end was re-built at the end of last summer. Can anyone help?
:eek:

[FASTRAT]

there is a thread in "just Jets" covering the symptoms of this prob & also possible cures...good luck :)
fastrat

['78 gt boat]

thanks for the info.