larson se180 problems?

hello i have a lason 06 se180 boat with a penta 4.3L alpha one drive, going full throttle for about 20 min i noticed smoke from the engine compartment, seems like it was on the left side where the wies are, but checking the oil, was under the ok area so i put a quart in and it was working for many hours after. Later on i noticed water in the engine area, along with the middle floorboard storage area, an hour from home, trying to go slow back, it wasn't moving or sounding lack of power, water was spraying all around the engine area with a bit of smoke, so called the coast guard for some help. What kind of problem could this be and what steps can i take to check it out out of the water please?

Repost in the Mercruiser section...you are in the outboard section.