I had the same problem on my 350 io. The water chambers in the heads are very close to the exhaust chambers and not very thick. When the heads get worn out they can rust through allowing water to enter the engine. I would replace both heads and if you use used heads off a car or truck, be sure to change the plugs on the side of the heads to brass.
Jan 04, 2014 Rating
water in the oil by: Anonymous
make sure you find out before you buy or get the priced reduced greatly, it could be a head gasket, a cracked head (costly), or a cracked block (very costly)
Nov 04, 2013 Rating
probable Problem by: Anonymous
Sounds like blown head gasket...does it over heat also?