I have a friend who just bought a 19' Caravelle (sp) boat. He took it out and ran it for less than 1 hr (approx 45 yesterday and 15 mins today). Noticed the engine pinging and stopped to check it out. It looked like ALL of the oil was in the sump basin. Do any of you know what could of happened? It has a 4.3 L Volvo engine. Background: The boat is a 1997 and was traded into local dealership this past fall. Before he purchased it we took it out on the water for about 20 minutes and it ran beautiful, no smoking or knocking. It also ran fine right up until he heard the knocking and pinging. It has a 30 warranty, but I dought they will give him his money back. I assume they will probably want to fix it. Anyway, does anyone have any general idea's on what would make all of the oil leak out that fast.