Update
			 
			 
			
		
		
		
			
			Ferm, 
I jump the gun on this one. It seems like the wood is NOT rotten after all, it was soaked because I remove the cap and it rained like hell and soak the darn thing for tow days before I got to it this weekend, I attempted to chain saw it and instantly hit solid wood, Its still a little wet, I will let it dry for a couple days and make and assessment. 
I have shown it to my friend and he thinks all is ok. I will let it dry and drill a couple test holes lower to analyze it better (holes for engine mount). 
The chain saw removes some wood that appears to be good, still not sure, I will keep you posted, Thanks for your help again.
		 
		
		
		
		
		
		
		
		
	
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