www.iFourWinns.com

can you post a pic, it sounds like you are saying that the power steering cooler may have been left full of water over the winter and burst from the expanding water and the hose that is supposed to be connected to the ps cooler is just hanging to the end cap of it?
OK the water flow on the Cobra works like this. The water is sucked up the water intakes by the impeller and then gets pumped through the small hose that is in the transom mount (you can see it on the left hand side, inside by the trim lines. That hose connects to a fitting on the transom mount, which comes out on the inside and a short hose goes from the inner transom mount to the ps cooler on the back of the engine (although some Fords had them on the front lower left side). Then the water goes through the long hose from the end of the ps cooler to the thermo housing. From what you are saying, the hose that is attached to the thermo housing, is not attached to the cooler, yes? if so that's you problem, you are getting no water at all from the impeller. If the cooler froze and burst you need to replace it. If this is the case that might explain why the impeller looked OK, it was getting water but that water may have just been getting pumped in the bilge none reaching the engine. Post a pic and then we can say for sure.

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88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II

After I posted the last comment I realized that I answered my own question. Kind of feel stupid. That explains why I have no water to the motor! Haha

I appreciate all the help guys. Lots of good people on here. Look forward to getting to know you guys.

Where is the best place to purchase the cooler? I found one one eBay for $39 earlier, But can't find it now.

If it froze and split you might be able to take it to a radiator shop and get it soldered back together. Otherwise try Crowley Marine, I've bought stuff from them before. If you can't find it try Sea Way Marine they have a lot of obsolete OMC parts.

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88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II

No I don't believe it cracked the barrier between water and power steering, it looks like it just popped the outlet cup off. I'm taking it to a radiator shop tonight. Hopefully that does it. Stokelys marine priced it for $400.

http://www.crowleymarine.com/parts/11005.cfm

about the same price from Crowley Marine. Try getting it soldered. I drain mine and then fill the line from the thermo housing to the cooler with -100 Antifreeze (also I drain and fill the engine/manifolds with the same stuff). There is a drain plug on it but its almost impossible to reach.

_________________
88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II