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I have read your exact post by others (maybe 3 or 4 times) over the last few years. If a lot of water got in, drain and refill your oil...fix your hose...let things dry and you'll be just fine. This isn't the same as a bad head gasket from a coolant leak. Compressed air around your rotor may help get rid of the moisture in it as well.
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1998 S70 T5 Emarald Green Metallic (125K), 2004 V70 2.5T Ruby Red (45K), Previous Owner of Black '94 850 Turbo Wagon (Sold at 140K and miss her). My cars have been running so well lately they've got me worried.
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