Another gray milky oil question

Question
Hi Ron,
 I've got a 1984 Imperial 192 with a 140 Mercruiser in it.  I just drained the oil from the oilpan and it's gray and milky.  Should I pop the cylinder head off it, check for warping and replace the gasket?  Should I worry about the rods and mains?
Thanks,
Chris

Answer
Hi Chris...Thanks for selecting the undersigned to reply to your question.

Milky crank case oil can and will affect the crank, the bearings, wrist pins, etc. I suggest you get a qualified and reliable mechanic to determine the source of the water contamination, and it's possible the engine may require magnafluxing. It could be the head has warped, but again, this should be verified by a mechanic.

Safe Boating
Ron