Milky exaust discharge

[sailnut1]

I faithfully winterize the engine in my 1980 30' Catalina at the end of every season. This year, it started fine in the service well, however when I started to move it to my slip, I noticed the milky exhaust. The engine then sputtered and died. Checked the plugs and they were wet with little gas odor. I would suspect water in the gas except that the tank is full of treated fuel. I still need to check for water in the oil when I go back to the boat. Always ran perfect till this year. Head gasket, manifold gasket or other problem?