Re: Aq130 C 270 slipping and not getting speed
Welcome to the forum. You'll find that older boats can give great satisfaction when you get them running right. In the mean time, you may learn more than you ever imagined about older mechanical systems. The outdrive, the gray, whitish colored thing at the back of the boat with a propeller attached to it, is a sort of drivetrain for the boat. Since it's mechanical, it has gears, bearings, and of course, oil in it. The drain plug is on the bottom, forward of the prop. The center bolt on the top of the outdrive is the dipstick and can also act as a vent. Drain the outdrive by first removing the dipstick and then the drain plug. I suspect that you may have some milky colored oil coming out the drain based on what you're describing.
Start here to find an operators manual:
Parts - Parts & Service : Volvo Penta. That will get you started in finding the major parts and how they work together.
If you go to the top of the page here, you'll see that iboats is also a Volvo Penta distributor and you can get parts here. It'll just take some time to navigate and get used to the web site.
There's lots to learn, but the fact that the engine runs and the boat stays afloat is a good thing!