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Continuous tone is associated with overheating. I assume you're saying the alarm suddenly quit 3 days later, not the engine itself....so you could possibly trace it back to an issue with the temp sensor/switch, the alarm, or perhaps the thermostat. You mentioned water was coming out the tell-tale, was it hot to the touch or no?
A similar thread discusses how to test the temp sensor/switch and the alarm itself to verify they're working correctly. I would start here:
http://www.marineengine.com/boat-fo...HP-Outboard-How-to-test-the-temp-alarm-buzzer