Just bought a 2001 Cobalt 246 with the 8.1Gi. Oil was changed just before we bought it according to the previous owner. Oil level was good when we bought it, after running it for a few hours it has made about 2-3 qts of oil and it's very milky. I'm going to change it a couple of times and flush it out and start with a fresh change, but I wanted to discuss where the water could be coming from. First off, boat runs very strong and doesn't smoke or do weird things when the captains call is on, so I feel like head gaskets would give me some smoke and smell if it was a head gasket. Dealer immediately said a cracked block when I called for an opinion, but I've laid in the bay and looked the engine over extensively and can find zero signs of it freezing and cracking. I noticed when I pulled the oil fill cap it was full of water/condensation. I could run my finger around the fill tube and it was wet with clear water. I thought maybe intake manifold gasket but I learned that the 8.1 doesn't pump water thru the intake manifold (someone correct me if this info is wrong). Last thing is the oil cooler, but from the folks I've discussed it with say it's not a common failure.
Any input?
Any input?