If the wter in the crankcase did indeed run down from the exhaust, you need to run a compression check. The only route it would have to the bottom would be through an open exhaust valve, so the stuck valves the others have mentioned are a real possibility. Any ting stuck in the head will show rightup in a compression check. If you find that, you'l need the hed off for work, and then would be the time to chek out the contdition of the rings and walss of the sleevesto evlauate what they might need. No more water than you found, they might be alright. sounds like a good project.
Holler for help if you need it, but let us know how it's goin' in any event.
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Today's Featured Article - Oliver 550 Purchaser Checklist - by Greg Sheppard. Pound for pound the 550 is better than anything I've seen. It has great power for its size and can really hunker down and lug. Classified as a 3-bottom plow depending on soil conditions. I personally don't think it can be beat for a utility tractor in the 40 HP range. They are extremely thrifty on fuel, at least my DSL is. Most drive train parts are fairly easy to get. Sheet metal is probably the hardest thing to
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