I have a 1995 Regal Deckboat with a 300hp 5.7 GL I/O and I think the sterndrive is a DPC1. Last weekend when we were out tubing with the kids the boat was running perfect... Until the backend of the boat sounded like a bomb went off and pieces of what I now know is the transom housing, were flying into the water and smoke bellowing from the outdrive. The stern drive locked up and I was not able to put it into neutral or reverse. The shift cable was wrapped around the shaft and snapped in two. Once getting back to the dock I realized the joins, pivot pins, shaft sleave, bellows, transom housing are all broken. It looks to me like the shift cable was rubbing the joint and the I joint snapped and took out most of the upper unit. The engine is running perfect and the lower unit looks perfect. So should I get a new upper unit, should I replace the broken part, should I get a new stern drive, or should I get a rebuilt stern drive? I am a first time boat owner so Some of this is beyond my knowledge but I am pretty mechanically inclined. My mechanic at the marina did a rough estimate and said for parts and labor to replace "the mess" he guess around 5k. Mind you the boat value is around 10k. I have added a picture for you to see some of the damage.