Re: mercury 115p 1986 model drive shaft is not turning?
How do you know the driveshaft isn't turning? Have you dropped the lower unit off the motor? You'll have to do that anyway to assess the waterpump issue. I suspect, that if your driveshaft is, in fact, not turning, then you either snapped the shaft or the splines are stripped off the shaft. A broken shaft might mean you have a bent exhaust housing or possibly an issue inside the gearcase. Stripped splines might indicate improper servicing the last time the waterpump was done and someone neglected to grease the splines, leading to the splines inside the crankshaft rusting out.
Bottom line, take the unit off and see if you can figure out what's going on... Whatever has happened ought to be readily apparent when you do.