90 hp four stroke water in oil

[gmartin]

I have a 2004 90hp mercury 4 stoke. I checked the oil after running it for about 12 hrs over 3 days. The oil came gushing out of the dipstick hole, milky white color. drained the oil. The 1st few ounces were pure water, then about 7 quarts of milky oil drained out. Anyone have any ideas of what is wrong? Has to be a fairly major leak somewhere.

[boats.net]

Run a compression and a leak down test to check for blown head gasket.