You are asking a question on an engine yet you only gave us the type of boat you own. There is no vent on a tilt/trim system (on an outboard) unless you have the old style trim system mounted inside the boat . If it is an integral system (totally on the engine)The "vent" is at the top of a sealed reservoir and is just a dome of air that allows for the changing fluid level, usually opposite the trim motor. Fluid is checked with the engine up and locked. If you have water in the oil you have a leak - period! Leaks are usually found at the seals on the ram end caps and parts are available.
To answer your question if you have the old style: Yes you can remove lines and run most of the oil out, replacing with new. You will have to do this more than one time to get the oil out of the ram or rams. More information on your post/question would be desirable.