okay i have the above mentioned boat, very nice condition, had it for 5 years now 156 hours, years is 2000, has 5.0 mercruiser, alpha 1 outdrive. Pulled out of storage today dewinterized. Put in lake for about 10 minutes. Pulled out of water and noticed quite a bit of cold lake water in bilge. Took it home hooked up to hose and ran engine. no water leaks, or anything coming from engine or exhaust. Ran it for awhile on hose. TOOK back to boat ramp back it down onto water, engine not running, out drive submerged, noticed water dripping down from behind engine y- pipe area. quite a steady stream,,, could not quite isolated where its from... THOUGHTS please...is it possible for water presser to be pushing back thru exhaust and leaking at one of the joints.