uh oh..... set back. water in oil

finally got the timing sorted on the rebuilt 318. One issue, was a poorly rebuilt carb. I sprung for a new one...it ran much better. still, initial timing wanted to be at 15 degrees, but it was hard to start.

after some running and playing, the exhaust started to smoke. I shut it down.....looked around and man, I had a bad feeling. Heres the oil I drained:

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