Just noticed that my 1986 Merc 9.9 is showing signs of oil- white frothy residue dripping down lower leg appears to be from exhaust port.<br />What could it be? blown gasket on water jacket?<br />I had just repalced lower leg oil day before I noticed this, but there appears to be older residual residue build up on leg so don't know if this a brand neww issue or not. No real other signs of trouble - except that last time I ran carb dry before removing I MAY have heard a bit of a knock, but I wasn't really paying attention.<br /><br />Any thoughts would be appreciated.