yep. rusted needle bearings and races probably. this is why the boot is important, and if you're going to ride in those conditions you need to regularly re-grease the bearings in addition to keeping the boot down and watertight.
You will need to have it overhauled for sure, may need some new parts - and check your boot, probably a tear in it somewhere.
You will need to have it overhauled for sure, may need some new parts - and check your boot, probably a tear in it somewhere.