When I had a boat with exhaust logs years ago I got the milkshake through the logs.
What happened was the flappers on the exhaust were gone, I came in a little hot to shore when I shut the engine off and the rush of water from behind was enough to splash up into the exhaust hose far enough to reach the open exhaust valves. When I went to start the engine it was a little slow, heard the hesitation which was the water in the cylinders, doesn't compress, but will work through the rings into the pan.
Did you have the back of your boat positioned where the waves splashed into the back of your boat for any period of time?
Just tossing possibilities out there, this one was an easy fix.