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Or the piss-poor seal around the filter lid is letting water in...or one of the rubber elbows on the intake pipe is cracked or torn...or water is leaking through one of the flex pipes on the exhaust and just blowing back out...or...Engine should be fine. The water out the exhaust is normal for the situation. The entire exhaust is liquid cooled in this case, including the manifold, so it is condensing all of the moisture that is in the exhaust pipe, continuously. Exactly same as when you first start your car in the winter and water drips out the tailpipe. but in this case, the exhaust pipe never gets warm, it is held cold, so the amount of water vapor that drops back into liquid is much greater. Same as how a distillation column works. Cool the vapor, and it drops back into liquid. Totally normal, and expected. Combustion reaction of hydrocarbons (process of adding oxygen) produces a lot of water vapor. It typically leaves the tailpipe in vapor form if the entire length of the pipe stays hot/warm (can form water drops on your hand if hand held over the pipe outlet for a short time at idle to demonstrate).
I guess it all comes down to whether you look at the truck as being half empty or half full.