Hey Drew, water in the oil can wipe out bearings pretty quick, not to mention cam, lifters and oil pump too, I know, my motor only had about 2000 miles on it and I had to replace all that crap cause of 2 blown head gaskets last year. 
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92GT Lowered with Ebiach's and Koni's, Kenny Brown subframe connectors, lower G-brace and jacking rails. BBK upper and lower control arms, polyurethane bushings all around and Ken Bell blower, ram-air, 80mm mass air, SMC Alky Injection kit, J&S Knock Gaurd, TwEECer RT and a bunch of other stuff!
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