1998 mercruiser 5.0 220 HP w/ alpha one gen 2. Was running boat, smelled something funny, stopped, popped cover and found the left exhaust housing was extremely hot as compared to right housing. Found hole in the rubber connector for the elbow in the back elbow on left housing. Tried to creep back to port but the hole got worse and the housing hotter. Started taking on lots of water almost sank 10 miles off shore. My question is where did the heat come from? Did the hole make the heat or did the heat make the hole. Could something be clogged? All gauges remained fine, no over heating.