oilpan full of water

block and heads are at the mechine shop to be magnafluxed,should hear something in a few days but was wondering if there is anything that could cause that other than brock head or block? this was the crazzzzzzzist build I have ever ran on to.I heard about this type set up years ago fron an old drag racer friend but never thought I"d be the proud owner of one.lol.340 bored .030 over with stock pistons or smaller,still haven't had the pistons checked.but when you looked in the cylinders it looked like at least a 1/8 gap between piston and wall.a friend here worked on the car befor I bought it and said he would have put the H.P. at around 500.he has a 9 second car so I think he was close.I don't know how it ever ran.