Re: What is the metal??
Certainly not the recommended method, but... have you tried epoxy, you know the two part stuff? You said you used putty? I assume the crack came from freezing not hitting something?
I have in the past with excellent results used epoxy. Clean up the area, the rougher the better. I would also drain the lower unit and clean (the outside) with paint thinner. Try to put motor in position so that oil is not leaking ito crack (from inside) while your repairing. Put the epoxy on, leave overnight. Sand and paint. Check after use. If you have no mechanical damage inside, like a spun bearing, etc., this might be worth a try. It worked for me on a 150HP Evinrude and a small block racing engine.