Hi Sled guy,
Others on this forum with far more experience that me may offer more precise info, but in my experience there's three main points of "failure" due to corrosion in manifolds and risers/elbow.
1) The joint where the riser bolts onto the manifold. There are usually water channels that allow water to flow through the joint from the manifolds into the risers. Because there's a joint (and a gasket) at this point, corrosion can occur and water can start leaking into the exhaust manifold, and into the cylinders when the engine is turned off (Note: later model mercruisers and some other engines moved to a "dry-joint" design which did away with water channels across the joint and fed water seperately to the manifolds and the risers to try and eliminate this potential point of failure). To inspect this you need to seperate the riser and manifold.
2) The exhaust elbow where the rubber exhaust pipe coupling connects to the riser. Water is sprayed from the elbow into the exhaust through small holes near this connection point which is supposed to keep the rubber exhaust pipe (and the internal "flapper") cool. These can corrode to the point where water wil fall back down into the riser and manifold rather than out the exhaust when the engine is turned off. To inspect this you need to remove the rubber exhaust coupling from the riser.
3) Corrosion of the exhaust manifold casting. Usually internally at the joint to the engine block. Or cracking due to heat stress, (usually on the underside of the manifold and tends to happen when the internal water channels start to corrode and become blocked, causing uneven heat spots in the manifolds). To inspect you have to pull off the manifolds.
These are the three most common causes I'm aware of but there are other problems that can also cause failures. Best advice is to take them apart and inspect every 5 or so years (maybe less often if it's a trailer boat only used in fresh water and winterised properly).
This is a good article on the subject
http://www.boatus.com/seaworthy/swbtob.asp
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2005 Sundowner 205

5.0L MPI Mercruiser, Bravo1, 3 blade Mirage SS prop