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Default Ford 351 OMC Taking on Water (Water in oil)

I have a 93 model OMC (Cobra) IO. 5.8 Liter (351) Ford...
I have an issue with water emulsion. I have taken the heads off, exhaust,
intake and
even though there is water all over, there is no direct indication that the
head gaskets
are blown or any of the top engine components being damaged. Except for the
possibility of a cracked block, does anyone else have a idea how the water
could
be getting in? Is the water pump a suspect?

Any help at all would be appreciated.

Dave