Re: 97 Yamaha Waverunner 1100
I think you're getting a little ahead of yourself by thinking that you'd need a new motor or to junk it. You have a carb problem. Do the compression check just to make sure though.
To do a complete and proper rebuild, you're going to want OEM Mikuni rebuild kits and needles and seats. A lot of places use aftermarket carb kits and don't replace the needles and seats. It makes a huge difference and I've seen nightmares with the aftermarket kits. You're looking at about $150-160 for the kits for the 3 carbs if you were to do it yourself, which based on your "I only know how to put oil, gas and plugs in" comment, I wouldn't reccomend.
Dealerships will charge you an arm and a leg and probably make you wait a while. If you're interested, and are comfortable with taking them off and putting them on youself, you can ship them to me and I'll do them for $100 total labor plus the parts at cost. I do it on the side as more of a hobby than to make money.
If not and you want to try and do it yourself, let me know and I can help walk you through the steps to do it.
As far as the oil goes, it could be anything, loose wire, crack in the oil tank. Try to find out where it's coming from and report back.