Excessive smoking, water temp light coming on???

[Evilrude]

Well yet another problem with my 2004 Johnson 115 . Last week I noticed while slowly riding up the river it was smoking like crazy. I've had a lot of unburnt black fuel on the ground after I flush the motor. The motor is peeing with a heavy stream that seems to be very cool to the touch. Yesterday the same thing fired her up left the launch and the water temp light came on put us in slow mode and she smoked like crazy all the way back to the launch?? Vro thermostat waterpump ??? A little 2 stroke oil occasionally runs down from under the carbs also. Any help would be greatly appreciated. Thanks