water on v-drive dipstick

[Jono]

1996 supersport GT-40 and walters v-drive:

I posted about this earlier in the season: When I pulled the boat out of winter storage, I noticed droplets of water on the top portion of the dipstick. The oil itself looked fine, and I attributed the problem to condensation.
I changed the oil 3 times back then, and watched the oil like a hawk ever since. I check it in the driveway, and several times on the water in between wakeboard sessions. Every once in a while I would pull the dipstick and find 2 or 3 small droplets. I wasn't worried about it as the oil was looking good (not milky), and most of the time, the droplets weren't present.... Until yesterday. It was still the same 3 droplets near the top, but there was a very small milky smudge on the dipstick about 5mm long. Again, it was well above the 'high' mark for the oil, and the oil is still golden and clear. I probably have about 5 or 6 hours on the boat since the last oil change.
I don't know what to do here. As far as I know, the only way water can get into the oil on this particular boat is a crack in the cases. The plugs were definately drained for winterization, so I want to rule that one out. I would like to think if there was a crack, it would leak enough to turn the oil milky as well.
Does anyone have any suggestions? Seals? Water draining off the seats and running over the breather or dipstick tube? Can it just be sweating?

[DanielC]

Do you live somewhere with high humidity?
It is still possible for condensation to build up inside the V-Drive. Every time the V-drive gets warm, air inside it is going to expand, and go out through the vent. when it cools, air, and water vapor are going to seep in. Water will then condense on the inner parts of the V-drive, by the water jacket in it.

This could be more noticeable if the lake temperature is cool, because it is early in the season, or you do not run the boat long enough continuously, to get the V-drive warm and keep it warm long enough to boil or evaporate the water out.