F word! Not good news! From any of you!

Well people told me owning a boat was bad for my wallet...Thanks for the info, though.
The source of the overheating of the exhaust was 2 missing soft plugs in the bottom of the engine the previous owner (moron) failed to mention. It was dumping all the water from the bottom of the engine into the boat instead of sending it out the exhaust. The motor itself never got over 155 degrees, though. I had the compression checked out after the ultra hot exhaust, and it was fine, so hopefully the cracked head thing will be only a scary theory. It does have a power steering cooler, so I'll definitely check that out, too.
Maybe I should have renamed this thing...