I have a Mercruiser 470 and am presently trying to rebuild it. The reason is that the engine constantly died everytime that we took the boat out. Once dead it wouldn't start and we had to call for help. There seems to be water in the oil, but even after taking the engine apart the only thing that we found to be suspect was that the cam had wear where it came through the seals. Also at one point the oil leaked out almost completly but we couldn't find any leaks, aside for the cam. What we don't know is whether or not the wear of the cam would be sufficent to cause the problems. I don't know if this is enough information but if anyone has any suggestions or experience I would appreciate it.