My guess would be that if has gotten moisture in it. Were the oil bottles sealed? Also how old if the oil?
Take it anyplace that recycles oil. Almost all Auto Parts stores, or WalMart.
Although the toxicity of unused motor oil after ingestion is considered low (see Related Links), it isn't exactly what one would call "edible". Used motor oil is considered toxic.
Check your coolant. Typically milky oil is a sign of a bad head gasket.
Milky anti-freeze is usually an indication that motor oil is getting into the cooling system, probably through a bad head gasket or a cracked block or head.
The boat does still go full throtle
Depending on how bad it has gone u could have antifreeze or water getting into the pistons check your oil if it is milky looking u have water in the oil also if the rings have held you could compress the water and put a piston rod out the bottom or side of the motor or lock it solid if that happens a small fix could become a motor replacement it is best to fix it asap
The head gasket is gone and water or coolant has mixed with the engine oil. Replacing the head gasket is no big deal.
Coolant has mixed with the oil. Normally caused by a blown head gasket. This will destroy the engine if not repaired immediately.
whenever water is mixed with oil in a crankcase the heat turns the water into a vapor and this allows oil and water to mix and that is the milky looking substance you see... check for cracks or bad gaskets if the motor is water cooled and buy a dryer agent if it's not... it could be just condensation but enough of that will damage your motor real bad... it lowers the viscosity of the oil and that can lead to big problems!
Condensation of moisture mixed with the oil film inside the cap. If oil in oil pan is not "milky" you are ok.
yes it can water can leak into the intake valley and get into your oil resulting in milky oil
A crack in your oil pump shouldn't make the fluid milky. Water mixed with oil will look milky so I suspect you have a cracked block or blown head gasket.