Hi all, I'm a newbie here but from reading your posts this looks like a nice helpful forum. Hoping I can learn as I go here and become a productive member of the forum some day!
Anyway, I'm looking for advice on how to deal with investigating water in my crank case. I just bought my 98 FourWinns 180, 4.3 VP. Bought it from an auction very cheap, which should have raised alarm bells, but I'm a gambler... and now I'm paying for it

Just received the boat from transporter on Saturday and on preliminary inspection pulled the oil dipstick to find that it's covered in white creamy sludge to the top of the dipstick, indicating the crank case has water in it. What I'm wondering is:
a) could the boat possibly have been submerged, and therefore there is just water in the engine due to it coming in the carb and oil filler spout? Should I just drain the oil, flush the engine with something (is there a known product out there for this?), change the filter and refill the oil and see what happens?
b) if it is due to mechanical failure, where's the best place to start diagnosing, and how do I go about that? What are the possible causes?
c) is a VP 4.3L just a chevy 4.3 out of a S-10 truck? if so I can likely pick one up for under $1000 and just swap it out, changing over the necessary marine equipment?
Thanks in advance for any input!
C.