Hiya boys! :)
It was definitely water, not fuel or oil. I suppose it could have been accumulated water still boiling off, though it seemed to be lasting a little too long. But then again, this is Portland in the spring... I suppose it could have been water from the spark plug drains.
Definitely #3 wasn't firing, but it's hard to say what could cause it at this point; there are too many possibilities. With 3 not firing, it would take a lot longer to boil off, I suppose. But it was bubbling and sputtering right at the gasket line -- shudder.
I need to pull the carbs and give them a quick once-over, fire it up again and see if I can get #3 to fire before I go too much farther. Probably a compression check is in order as well.
thanks guys.
A