Since it's clear water could it just be condesation? Maybe there was some water in the exhaust from the last time it ran + if the air temp and humidity were just right it might produce more moisture than ususal. I would think if it was an engine problem there would be anti freeze in the water coming from the exhaust pipes. If it has good oil pressure I would run it til it warms up and monitor the engine for problems. See if the water problem goes away after the exhaust has heated up. Maybe do a pressure test on the cooling system? Spoz. you could check compression and check for vac. leaks, but if it's runnin' good, prob. not a vac. leak???? Dunno. If it was runnin' good before, and all you did was took out fuel filter, i wouldn't think it wouldn't be toooo serious. (Did you mean took fuel filter out or replaced fuel filter)??? If you ran it with no filter maybe somthin' got into the carb. to make it run bad??? O.K. .....,, I'll stop thinkin' out loud now.