Aaron,
Sounds like you're overheating big time. Are you sure that you're cooling the motor? Your water temp gauge might be deceiving if NO water is going through your system. Water temp senders will actually read cool if they are dry. Did you check the plugs? They'll show lean if they're hot. If you got hot enough they might show signs of melting.
The second thing I would check is your carbs. If you can have someone control the boat and look down and make sure fuel is coming out ALL the venturis, that would be good to check. An excessive lean condition will get your motor hot just like no water. Anyway, I'd check those things to begin with.
Justin
[ July 13, 2003, 10:13 PM: Message edited by: 78Eliminator ]