I have a 2003 90hp oil injected 2 stroke outboard. I know that on the same year Mercury made this outboard in a 115hp version. What would I have to do to give the engine the extra 25hp. The only thing I can think of is larger carbs or more timing.
No way for you to do this. The 115hp is a 4 cyl with 4 carbs. It's also a 2 + 2 motor meaning it only runs on 2 cyl up to approx 1800 and then the 2nd 2 cut in.
Merc does make a 3 cylinder 115
http://northamerica.mercurymarine.com/engines/outboards/optimax/onefiveliter_specs.php?ID=52