water in oil

I recently bought a 22' 97 sunbird I/O that had its engine completly rebuilt in 02 by dealer. Since it was my uncles we have had lots of fun on it with no problem. I have owned it now for about 4 mos along with each and every years complete regular maintance and upkeep receipts. I have checked all fluid levels ect prior to taking out which had only been 3 times. While out on the lake the 3rd time the fin thats below the propellor struck a stump. I was traveling at about 20 mph. Stopped me pretty quick. Did not touch the propellor just chipped a little off the fin. I took the boat out again a few weeks later and checked my oil after being out on the lake for a couple hours (for no reason really) and noticed a small amout of cream on the very tip of dipstick. Was not running funny or hot so I just assumed that maybe that can be common with a boat engine maybe moisture from my dipstick or pushing into reverse to fast. I have taken it out 2 more times and have not had a problem and still no more than the small portion of cream at the tip of dip stick. It did backfire once but at that time I had just flooded it slightly due to a previous known problem with the throttle controls. Since I never push this boat to its 5.7L potential could I have cracked the heads or a head gasket. Is there any possibility that there is a simple or common solution that Im unaware of. Maybe due to something when I hit the stump.Maybe knocked another gasket loose where water could have temporarily seaped in. I know water trickles off the engine into the well where my bilge pump is while running ,didnt know if thats normal. If any one could help that would be great.

 

Change your oil and see if the condition returns. If not, who knows, condensation maybe. If you get an oily dip stick again, you have a leak and should have the system checked.

 

I would change the oil, run it and check for any water.

If it is a 4 barrell carb and it is exposed to high moisture and sits long enough you can suck in a considerable amount of moisture through the carb down through the manifiold into the cylinders and eventually into the oil. This happened to me once before but it was only after a long moist winter and the boat left uncovered.
Good luck.