1985 Volvo/Penta AQ125B 270 outdrive 4 cyl closed cooling system. I have been running the boat the past few seasons, with no problems. I have upgraded to electronic ignition, the boat starts and runs(ran) excellent. Drove back to the dock the other night, went back to boat next afternoon to take a cruise. It Started and I stalled it as I was backing away. It would not refire, Got it to Put once. So I removed the doghouse and had the engine turned over while I looked at it. It didnt sound right, and to my horror water was coming out of the carb/spark arrestor. It was sea water not coolant. So i kinda ruled out a cracked head. (coolant level full) Also to add to this dilemma, there is no compression. (most I got was almost 25 psi outta #4 they were all around 130 just last spring.) So now Im thinkin cracked or bent valves or broken camshaft or possibly head gasket but there is no water in the oil. All this still dont explain the water coming outta the carb. I have the exh man removed, checkin for cracks. Nothing noteworthy here. I just removed the intake and valve cover, cam is ok. I guess next is Head removal. Anyone heard of anything like this? Need good source for gaskets as well.