Well let's get one thing settled first...:welcome: to iboats Great to have you as a new iboater...
Okay, the stator usually goes to a rectifier so it can charge the battery. So if that rectifier is shorted ot the stator wires are shorted to ground anywhere, it will fry the stator and quickly. The fact that you stated "smoke" could mean it is already fried. I hope that isn't true, but that magic smoke is put into every electronic part at the manufacturer. And any time it leaks out, the part is usually gone.
I would look at all the wires to see what is going on before doing anything else at this point. And if you verify everything is connected properly, then you have to check that rectifier for it being shorted. Of course it could also be a pinched wire to ground anywhere. So search before trying to fire it up again. JMHO
Also, what motor, year, HP and even series number so others can offer their ideas for you...
