Steve,
I'd do the oil changes and fire up the engine at the dock...no sailing / healing. Run it for a couple of hours with the oil cap off and keep checking the oil every 10 minutes or so. The oil cap removed will help the moisture in there (after the oil changes) evaporate out of the engine. You need to see if it is still taking in water or has it stopped. If there is no further water incursion I'd be thinking exhaust as the culprit...if there is water incursion I'd be thinking water pump.
That's all I can think of for now.
__________________
Mo
"Odyssey"
1976 C&C 30 MKI
The pessimist complains about the wind.
The optimist expects it to change.
The realist adjusts the sails.
...Sir William Arthur Ward.
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