First off, I own an 88 CRX Si that is used only as a racecar. Rarely started. Probably started it 5-10 times in the last couple months. Recently I noticed water coming out of my exhaust. The water is COLD, even when the motor is completely warmed up. The more you rev it, the more water comes out. The headgasket is new, torqued down to specs. Did a compression test, 195-200 across. I checked the oil and there is no water/water wetter in it. I then pulled the oil cap and noticed the milky residue that is common to a blown headgasket. So I pulled the valvecover and noticed more of this on the underside of it. However, the residue isnt in the oil in the head. Just on the valvecover. Anyone think that maybe it could just be condensation from the motor just sitting most of the time? I have heard that this happens to alot of racecars, not sure why though. Maybe condensation/water gets trapped in the exhaust? Anyways here is a picture of what the valvecover looked like when I pulled it. Motor is a d16a6.

 

water out the muffler is normal..its the cat. converter doing its job thats if u have one..as for the oily vavle cover i dont know maybe its just normal wear and tear i had a b16a valve cover looked almost like that and the milky stuff in ur oil i don t know.

 

Hmm, I dont have a cat. converter

 

Byproduct of combustion is H2O.

You probably need to run the car for a few miles 20 or so when its good and warm. An oil change probably wouldn't hurt if its been a while.