There's two risks with meconium in the water:
1) It can be a sign that baby has experienced distress, or a hypoxic episode. *If* that's the reason, the cause *might* be recurring, and baby may need additional assistance or may need to come out NOW.
2) When baby is born, if there is meconium in their mouth, they may inhale (aspirate) it with their first breath. As the stuff is like tar, it can be VERY difficult to clean out of the lungs and may cause them breathing difficulties and pneumonia-like symptoms for several days, requiring NICU care. (This is less likely if the cord is NOT clamped immediately, since babies tend to gasp after the cord stops providing them with blood supply).
If you feel comfortable with it, you can wait a couple hours and see if the water runs clear. That would mean that they pooped once, but they haven't again since, and so in case #1 there's probably not a recurring or ongoing problem. It also means that, since the water is clean, #2 isn't so much of an issue.
When my water broke with DS, there was a LOT of meconium, but a few hours later it was all gone. There was no sign of distress or hypoxia, and of course, aspiration wasn't an issue as the meconium had been gone for a day and a half by the time he was born.
so im trying to avoid goign in any earlier than need be.
I'd still go in right away though.
