I have an 89 mercruiser v6, i can start it and run it. As soon as it gets warm there is white smoke/steam comming out and I can hear what sounds like water boiling. Could that be the water pump
When you run it, how are you keeping it cool ? do you have a garden hose attached to a set of "ear muffs" on the outdrive ? do you have the drive in a bucket ? is the boat sitting in the water ?
If you didn't attach water to it before starting it, you now need to at least replace the water impeller in the outdrive.
White smoke means your buring off water, hopefully just whats in the exhaust and hopefully it doesn't mean you have a blown headgasket or head. Hows the water flow out the prop and exhaust outlets ? ( either side of the gimbal housing )