I took my 1969 OMC Chev V8 out for its first outing and within minutes it started to bog down.I ran it for no more than 5 min. I made it on to my boat lift and upon checking my engine compartment there was this white goo all over the engine. It was even sprayed around the compartment.I checked my dipstick and noticed that all the oil was gone except for some traces of the goo (oil and water I suspect). What could cause this?