Yes Tony - lots on here... Mostly people putting in questions though.
You no doubt are concerned that nobody has seen fit to answer your question about watery oil in your Honda outboard....
Well I know nothing about engines but my guess is that you will need to strip it down and clean out all the water in the oil lines and internal passages and try to discover just how the water got into the oil in the first place - to stop it happening again. Perhaps it might have been wiser to seek advice before you bought the engine; knowing that it was a non-runner.
Answers to questions depend on several factors - nobody is obliged to provide an answer. Sometimes questions are so poorly formed and vague that a sensible answer is impossible; as in your case (The fault is quite obviously water in the oil). Sometimes nobody knows the answer and other times nobody cares.
Getting an answer is pretty much a lottery that depends on the clarity of the question and the chance happening that somebody reading it can provide a sensible answer.
Good luck with the outboard...
Peccavi, July 2009