I was out on the lake for tubing for about half an hour. I had 4 in the boat while pulling 2. The last ten minutes of that i was pulling the tube and would try to give it full throttle and it would cut out. So after those ten minutes the continuous alarm went off and I cut off the engine. I let it sit for 10-15 min. Trying the key in just the on position and it would go off right away before starting it. So i started it and gave it thottle with no propellar propultion for bout 10 seconds. I checked the oil resevior and it was full, then I checked the spark plugs and they had oil on them. I know now that it's the overheating alarm from reading and talking to mechanics. I ran the boat at idle speed for about 10 min to the dock. I tried giving it full thottle on the way to the dock and all it would give me is half power if that. So I let the boat sit for two days and tried the puting the key in the on position while in the garage. Hoping that it had cooled down and that maybe it was the water impellar that needed to be replaced, because of the overheating. Even though it had water coming out of the pee hole in with the problems. I still haven't done anything besides that. I would appreciate any ideas or help with figuring out what is wrong with my engine and continuous alarm that is going off? Thank you to anyone that can help!