Motor runs ruff

[uncle Katfish]

1979 70 hp Johnson outboard. Was running great then stalled with white smoke coming from engine. Is kicking water out with impeller but was hard start. Won't go over 5 mph. Found tiny water in plug in center spark plug. Maybe head gasket?

 

[racerone]

Could be head gasket.-----Or those exhaust covers are notorious for warping / leakage.----Inspect and replace head gasket and those 3 cover gaskets.