If not head gasket ....
.... then pin-hole in exhaust manifold. The exhaust manifold is water jacketed and if a pin hole (corrosion) develops between the two sides of the manifold then when the engine cools down it will suck water into the combustion chambers. My bet is also a head gasket; but, its easier to check the manifold first. If it is a head gasket, use a 'stud-puller' (Snap-on Tools sells them) to remove the engine head studs ... instead of whacking hell out of the head with wooden wedges, etc. for parts, etc. www.moyermarine.com