I just recently purchased a 2000 model Yamaha Waverunner XL1200 Ltd with the 155HP, 2 stroke, 3 cyl power valve motor. I bought it off of Craigslist and don't really know much history on the ski. It was a great price though ($800 with the trailer). The former owner acquired it with a lake cabin he purchased. The ski was thrown in as an inducement for the real estate. He couldn't tell me much about it, but he just wanted it gone and out of the way. All he had done was charged the battery and tried to start it. I put a battery tender on it and the battery wasn't any good. I took the plugs out and squirted some fogging oil in the tops of the cylinders and let it sit overnight, installed a new battery the next day, and cranked the motor over with the plugs removed to circulate the fogging oil. The motor pumped out some water in the middle and the PTO cylinders. Probably 1/4 cup total from both cylinders. I checked compression and I only had 70 psi in all three bores :-(... I was amazed to see the hour meter only showed 75 total hours on the ski, but the registration sticker had a March 2009 expiration date. So it's probably been sitting at least four years. My question is: With water obviously sitting in the crankcase are the crank bearings going to fried from corrosion? I'll know more when I get the cylinders off tonight for a closer inspection. Additionally, what else will probably need attention. Carburetors will certainly need a rebuild, all cables will need replacing, power valves will probably need to be cleaned. Catalytic converter will need to be inspected as well. Any comments and or suggestions from those of you with knowledge of these motors would certainly be appreciated. Thanks in advance for your reply...