Outboard underwater, coffee colored oil. What to do?

You still have water in the crankcase. Drain the oil one more time. But this time leave the plug out for more than a day in the full sunlight. Pull it over a few times to rid the oil pump of any excess water. Then I would turn it upside down (filler on the lowest spot) and leave it in the sun again more than a day. Then refill the engine with oil. That should do it. Now if It were my outboard, I would purchase LUCAS MOTOR OIL for outboards.