OK I got a 89 vip 460 king cobra... All has been well this yr till today ... I was cruising and slowed as I went by some boats anchored so not to wake them. idled by and then went back to plain... not more then 15secs later it was like the motor locked up. When I tried to start it was a Big ca-chunk .... wouldnt even crank ... so I had it towed to shore and we put it on the trailer .... after we let it cool I cranked and it was fine ... so I backed the trailer back in to the water and fired the engine in neutral.. good oil pressure and all but after 30 seconds if Idle .. I seen no water comming out of the exshaust(thru hull). And then it locked up again... and wouldnt crank so I pulled it from the water again.... So I pulled the lower plug on the outdrive and got very little gear lube out... and had alitle metel shavings on the magnet..... then I pulled the second plug and got nothing ... pulled the top plug and got alot of water......... Any ideas.....