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Jet boat with water in the oil

mr bea

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Hi I bought a jet boat with a 455 olds. The oil has water in it. The guy i bought it from said the motor was rebuilt and has an hour meter on the motor that shows 28 hours on it but the has been sitting for 6 years. I didn't check the until I got it home so called pretty mad he told me that water condinsation builds up in the motor if sits to long. I never heard that before. Has anyone ever heard of this happening.
 
Nope. have To Chang the oil anyway. you might need to warm up on the idea that this is write off
 
Do I need to separate the jet pump from the engine to let it warm up. Thank you for your reply.
 
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