I took the outer drive off the back, but i can see that there is no water inside the drive line area. So i dont think it is the bellows, but i dont know. Water is running out of the engine coupler area. It feels like it is warm water, and i noticed my water temp. gauge never gets above 150 degrees. Boat doesnt seem to run very crisp either. Is there a frost plug on the back of the engine, by chance? It is a 1994 mercuriser 5.0