Every time when I loosen the allen bolts in my rear axle carrier to adjust my chain, water runs out-quite a bit of water. Has anyone else had that happen?

 

If you are talking about water between the carrier and the swingarm, get rid of the stock o-rings that came stock on the carrier. By taking them off, it lets the water that comes in run out. With the o-rings it keeps the water in. The o-rings sound good on paper, but in the real world they don't work. When you put the carrier back in ,coat it with waterproof grease or anti-sezie. This is what shoud have been by honda to keep the carrier from frezzing up with the swingarm when you go to adjust the chain.