When you mix oil and water, you get a creamy, foamy mixture. If the motor
hadn't been submerged, I would have said head gasket, also. However, you said
it was submerged. You could easily get water to mix with oil through any
number of places.
I would drain the oil and refill. Pull all the plugs and turn it over to see
if you have any water in the cylinders. If you have water in the cylinders,
not sure how you get it out but, it has to come out. Water doesn't compress
and will bend your valves.
If you don't have any water, check the dip stick a second time. If you don't
see water, I would try to start the motor.
Good Luck,
Dan McHatton
'66 1600
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