Water in Oil

[Rick Parker]

As I understand it the engine is actually running OK? This is a visual observation that recently took place? As Toungue Pirate suggested pressurize the system with the valve covers off and watch for pressure drop over an extended period of time. If the Cylinder sealing ring for the headgasket is intact I doubt any leakage would be heard through the spark plug holes. You could also do a cylinder leakdown to verify this, however if there was a failure of the rubber beads on the head gasket itself that separate the oil and water passages, it would only show up under simulated operating pressure by forcing water into the oil.
The alternative to a gasket failure or component falure (cracks) would be that the engine has been operated for short distances and not gotten up to temprature, maybe no PCV. One function of PCV is to remove moisture from crankcase, as well as fumes coming from the hot oil. The vacuum also helps with ring seal.
Lastly is compromised gasket seal between head and manifold.

[Carnut427]

Originally Posted by Eljaro

Condensation would not produce the white slik you saw.

Condensation alone won't produce the white slik, but running the engine, allowing the condensation to mix with the oil, will.
By all means, check things out as suggested, but as Rick Parker said,

Originally Posted by Rick Parker

...The alternative to a gasket failure or component falure (cracks) would be that the engine has been operated for short distances and not gotten up to temprature...

Another tip...pull the drain plug and see if there's water in the pan...if the engine is cold and has been sitting long enough for any water to separate from the oil, the water, being heavier than oil, will settle to the bottom. If all you see is the white slik on the breather, dipstick, etc. and the oil itself is the correct color with no water in the bottom of the pan, there's a good chance it's just condensation.

If the engine checks out OK, you're simply not enjoying you Cobra enough. Go for a long enough trip (30 minutes or more) to burn off the condensation.

Dan

[Mike Bartlett]

Hi all,

I didn't get a chance today to check further with my engine problem. Thanks for all the advice. I am hoping next weekend I'll have a chance to try some of what you all suggested.

I'll give an update on what I find.

Thanks again,

Mike