How much water? Is it worse when you run the engine in gear? (If yes to the latter, I'd definitely suspect the stuffing box.) Is there also water in the main bilge? If you pump that out, does it refill shortly thereafter? (If so, there's probably a weep hole connecting the engine sump to the bilge.)
It's been five years since I owned a 272, so my recollection of it is kinda fuzzy. That's why I'm asking these questions. I'd also suggest double-checking -- and if needed, double-clamping -- the raw water hoses on the engine.
Good luck. See you at the rOnDAYvous. (You are going to be there, right? Ask Mike C for info.)
Pete
s/v EmmieLou (O-322)
Little Silver, NJ
