water getting into crankcase
 

This is a '97 40hp honda Tiller model with electric start that was running great until this weekend. I ran it across the lake we were on and it was running great. We slowed down to a trolling speed and it started sounding like it was missing. As far as I know it was getting water to keep cool. When I trimmed the motor up on the lake to get ready for my freind to tow me I noticed what appeared to be oil coming from the water intake. When I got it back to shore I pulled the oil dipstick so I checked the oil. oil and possibly fuel were bubbling out of the hole at least it smelled a bit like fuel and the engine was trimmed down when I did this. I am thinking head gasket or fuel pump diaphram but any help is appreciated.

I drained the crankcase today and it was oil and fuel-no water now I am leaning towards the fuel pump but am planning on checking the compression on each cylinder to rule the head gasket in or out