Aq125b water in cylinders

[bootranchking]

We acquired a 1994 bayliner Capri with the aq125b engine and 270 outdrive.It had been sitting 7 years lots of rust in timing gears and timing belt tentioner.I replaced all I could find wrong started motor without a problem.Launched the boat everything seemed fine, my brothers headed around the island with it and engine started surging, I suspect thats in the carb since I did not rebuild it.The main problem is it started blowing water out the carb.The head had been previously repaired due to corrosion burn out in number 4 exhaust port.Pulled the plugs all 4 cylinders were full of water suspected blown head gasket removed head and gasket was fine.I did find the exhaust bellows on out drive was torn would this allow water to enter into the cylinders? If not then I probably need to take head in have it pressure tested and checked for warpage...Thoughts???