Re: Deck boat took on water, engine rescue
Pull plugs, spin engine, change oil with some cheap 10W-30. Get it running and hot as soon as possible. Once the wet internals are in the air they IMMEDIATLY start rusting. Hook up a remote tank if the boat tank has water in it. Change oil again after running for five minutes. Repeat the oil changes and running the motor for five minutes until the oil is clear of water. Final oil change is with good stuff.
You will also most likely have water in the bellows. Pull the outdrive and dry out the bellows, or your u-joints and input shaft will rust and eat your outdrive seals. Re-lube the u-joints and gimbal bearing.