Where is the water coming from?

I just bought an 1987 Ebbtide. It was sitting out uncovered for about a year and a half. After a couple of weeks of getting the engine right, my dad and I decided to take it out for a test float. We were in the water for about 3-4 hours with only about an hour of drive time. When we pulled out and removed the drain plug there was quite a bit of water coming out. I'd estimate 5 gallons or more. The second time I put in I got about the same amount out after about 2 hours. This time though I could hear what sounded like a cup being filled up with water coming from behind the engine. There was never enough water for the bilge float to kick on and I have tested the bilge to make sure it works. Is this going to be my bellows or a larger problem? I only see two bellows and one has nothing inside of it so I assume it is the exhaust. It has a couple of large tears in it. The smaller one above it has a couple of very small holes. Almost never did see them. Also, is there any way to change the bellows without removing the lower unit? Thanks for any help you can offer.

For anybody that is curious, the motor is a 3.0L Mercruiser with the Alpha One outdrive. Thanks again.

Re: Where is the water coming from?

barring a hull breach, i'd look at the driveshaft and shift cable bellows.

you have 3. the driveshaft is the diameter of a coffee can (give or take) it will be the top of the two in the center...possible

the next on down, diameter of a ring bologna (right size...give or take) is the exhaust bellows....not gonna let water in.

off to the side (starboard) is a funnel shaped one (shift cable) possible.

that big of a leak id say driveshaft. could also be the bellhousing gasket, but i wouldn't place bets on that. not that much water. either way, that really needs to get fixed