Hi, welcome to iboats !
The Engine temp warning horn sensor is found on the thermostat housing on the port side...You should see 2 wires coming out of the sensor (Yellow and Black). One of the 2 wires should be heading to the Ignition Control Module. See item # 6,
http://www.mercruiserparts.com/bam/s...1494/13798/170
The Temp warning horn is ran through the ICM.....Next time you are out on the water (or before you go out if desired) and the horn sounds, try disconnecting the two connectors on the ICM for a minute and see if the horn stops sounding at speed. We've had a number of past forum members successfully fix their phantom warning horns with this trying this procedure....Some had to try disconnecting the connectors a few times but eventually it seemed to work for them too.
The other item that sounds the warning horn would be a defective engine oil pressure switch which would be item number 10 in the following link located down by the oil filter area.
http://www.mercruiserparts.com/bam/s...31494/13798/40
^And we've had a few of these too!!
Of course all of this info is only if nothing is found to be actually wrong with the engine systems making the horn sound off.
Please keep us updated on your progress with this issue until repaired as I'm sort of in the process of collecting how many times the idea mentioned regarding the ICM seems to work. Thanks and good luck!!!