Water in oil

[Arob21]

Hello,
I have recently purchased a 1990 pro am skier from a estate auction. It's a super clean boat but engine has water in oil. It wasn't properly winterized and I'm not sure how long it sat for. From what iv read it's most likely the block.. Today I went out and pulled the plugs in the manifolds and the sides of the block and water came out. If the block was cracked wouldn't that water already have leaked into the engine? Also there is water in the oil filter. If the block cracked from a freeze I wouldn't think water would have got in the oil filter?
So this kinda gives me hope that maybe a head gasket is bad and the water got in while the engine was running.
Any advice or or opinions would be appreciated. Thank you

 

[tpenfield]

Water will be captive in various parts of the block and manifolds despite the cracks. so, wishful thinking that it is a head gasket.

 

[Scott Danforth]

Its not the head gasket.

Imroper winterization means you replace the motor and exhaust manifolds