Re: alarm goes off
Rapid beep-beep-beep would have been the oil alarm, a continuous tone is the over-temp alarm.
If you have just bought the boat then you may want to do a bit of preventative maint, like replace the water pump and thermostats. Possibly also the poppet valve.
If the alarm continues, test the temp sensors.
If the temp sensors pass then it is possible that you may have a leaking head gasket.