[IC27A] Oil being sucked into the water intake by a boat in the gulf- What would it do to the engine?

[Planton,Christian]

 As I was watching someone covering the gulf oil spill I thought crossed my 
mind. The reporter was in a center consul motor boat of some kind but this 
would apply to all boats- If they are water cooled engines- what is the oil 
doing to the insides of their cooling systems? Could this create build up? A 
fire hazard? Effect the ability of the water to cool the engine with so much 
oil in it?
Just a thought!
Christian