Two stainless steel elbows out of 4 (one on each motor) are leaking water into the exhaust manifolds. This causes rust in the manifold, rust on any of the exhaust valves and valves seats that the sea water gets to, salt buildup on the spark plug and maybe a slight hunting of 20 - 40 rpms in the engine when running (which you will probably not see with an analog tach), and maybe some evidence of seepage around the "dry joint" turbolator gasket, provided you catch it early enough.
Otherwise, you hydrolock the engine and at best, bend a rod, or at worst throw the rod through the block.
Rule #1:
A exhaust dry joint is just that...a DRY joint. If there is ANY evidence of seepage around a dry joint, do not run the motor until you figure it out. It is most likely a corroded turbolator gasket (which is in the joint to cook off excess moisture/condensation in the exhaust-it does not help with an elbow leak) or a leaking elbow.
In order to repair this, you have the following expenses:
4 exhaust manifold about $2500
4 elbows about $3000
4 heads to the machine shop about $1000
4 sets of head bolts and gaskets about $1000
5 or so days worth of labor about $1000
miscellaneous whatthehellever about $1000
two new trans and 2 new oil coolers about $800
Anyone add all this up yet??????
These are 2009 Merc 8.1 motors. I changed the manifolds 4 years ago, but, did not change the stainless steel elbows. That was a mistake. Spending the $3k then would have saved me the extra $8k I am spending now, because the manifolds would not have been all rusted up and the elbows would only be halfway through their useful life and not leaking.
Live and learn... Your mileage may vary.
PS. If something on your boat fails and you have others like it, those others are about to fail as well. Bite the bullet, pull the trigger, spend the money and replace all of the similar components....just sayin'