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WARNING HORN AT 5000 RPM AND GHOST THROTTLE

"Ok guys, Here are 2 questions

"Ok guys, Here are 2 questions in one. Had the boat out today and my 1994 90hp Merc was running fine (it seemed) When I throttled up to 5000 about 30 seconds later I get a constant horn and my oil light comes on. I have a full tank and it looks to be burning oil. When I throttle down to neutral the sound goes away and I can keep going without the buzzer sounding again but, when I hit 5000 it sounds off I am pushing plenty of water. Second question, I was crusing at 4000 rpm and after about 2 minutes, without touching the throttle the rpm climbed to 5000 and the boat got faster (so I know it is not a bad tach) Any idea what the hell is goin on here???
Thanks,
John"
 
"John, did you ever get your i

"John, did you ever get your issue corrected i have a 150hp mercury with the same problem when i reach the 3000 rpm's i get a steady alarm when i back off the alarm goes off. Please Help"
 
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