Well guys it looks like my season may be over before it's even started!

I rushed all week to put together the boat and last night we launched on it's 2008 maiden voyage. We planned a 5 mile trip to our creek slip. We backed in and I started the motor... I noticed some oil residue on the surface but thought it was just the fogging agent I used last year being expelled. I pulled away from the trailer and headed to home... I got less than a quarter there when the guages went instantly to low oil pressure and the engine cut back on the rev limiter... I shut her down and looked behind me to find an oil slick! I had forgot my cell phone so I puttered back to the creek with the oil light on and the ecu beeping at me! I checked the oil and found there was none showing on the dipstick eventhough I had checked it earlier in my yard. I went to the house and gathered another four quarts... They got added and the motor only idles for less than five minutes with all normal on the guages before the oil pressure drops and the alarm goes off. The exhaust being expelled is milky white!
Obviously my cheap a$$ has cost me a motor in the boat, I have become the first one on the forum (this year) to have damage from poor winterization...

My buddy who helped me has had boats for twenty five years and never had a problem. It seems he normally pulls the thermostat housing and pours antifreeze down there but we didn't do that because he didn't want to crack the paint on my new looking motor!
Deep inside I cried my self to sleep last night (underneath all the cursing and swearing)
I'm pissed off at myself for not spending the money to have it winterized professionally! I'm mad at my buddy for not letting me decide whether or not to crack the paint on the motor.
I went through alot of time and effort to source my boat, negotiate the deal, travel 6 hrs each way to pick it up and hold two boats for the winter. I had saved 12 K last fall by doing all this and now I see similar boats to mine priced at only 5K more than I paid before negotiation!
It seem my barely used 180 hour motor will be getting overhauled or replaced as soon as I diagnose the problem and can afford to do it.. For now I'll have to get her back to the launch and she'll wait on the trailer.
P.S. It's a good thing I don't have a gun collection like 230Mike because my buddy would probably be dead and the boat would be sunk from all the holes in it!
Any ideas what may be cracked

I have hardly slept all night trying to figure this out.