1984 blackmax electrical melting??

hi everybody i have a 1984 blackmax 150 2.0. took the boat down to flordia for a couple of days and where we were at you couldn't open it up i could only run idle speed and that was no problem for the first few days then on the last day the motor seemed to run a little hot not much so i let it cool off and it was fine. well the day after we got back i took it to a lake near the house to run and make sure all the saltwater was out of the motor and for thirty minutes or so she was running perfect then i started back to the ramp got on plane for a minute or so and the motor bogged and died. i hit the key again and nothing happend so i went back and check my battery to make sure it was tight and it was so i hit the key again and nothing then i noticed some smoke coming from under the cowling. i pulled the cowling off to find all the wiring right above the power pack melted. i guess my question is what could cause this. overheating, short somwhere??? it had a good strong stream of water.


p.s. ill try and get some pics up when i get home tonight