I think I'm having issues with my water pump because the water stream coming from the pee hole is not a strong stream like it used to be. I rebuilt the water pump and replaced the seal between the drivshaft and the water pump housing and the stream changed from a drop to a dribble. There is water coming out just above the lower unit and its quite warm so it must be cooling something but I do not know how the cooling system works completely.
Here is a video to help illustrate my point.
Here is a video to help illustrate my point.