Milky v drive oil

[stonewall]

Last summer I bought a 2001 2100v with the blue walter V drive. I had noticed the v drive fluid was milky last summer but never did anything about it and it never gave me issues. I replaced all fluids last week. Took the boat out yesterday to check fluid levels and saw that it got milky again. The fluid level isn't going up any so I'm thinking if there is a water leak its not a very bad one.

1. Should I just flush the system until the oil is clear to see if there is actually a leak?
2. Can you replace/ repair just the oil cooler?
3. How bad is it to run the v drive with slightly milky oil? It ran just fine last summer so I'm wondering how delicate the gear box really is

[MikeB313]

I'm not a mechanic, but you have a leak and not a good idea to keep running it with the milky oil. Hopefully it is just the seal and not the whole V-drive.