Needless to say, water and air bearings are a disastrous combination. If water is reaching the CMM bearings you're headed for serious repair bills.

We have a Hankerson compressed air dryer in the line to our Zeiss CMM. As moisture precipitates, the unit will occasionally "belch" a mixture of water and compressed air to purge its collector. The first few times it did this it made me jump. However, this is a normal function. Perhaps your dryer is functioning normally and simply expelling accumulated moisture? I agree that you should get a contractor in there ASAP for the sake of your CMM.

Mark Osterstock, President
cmms.com / Q-Mark Manufacturing