My worst 4th of July ever!!

I have a '97 Ranger boat with a 150hp Mercury with Oil injection.

Went fishing for bass today in the thick weeds & pads. Well, running to the
next set of pads an alarm went off in my boat. I immediately shut down the
motor and looked behind me to find a large amount of WHITE smoke. No! I over
heated the motor. I lifted up the motor to find a large amount of weeds
covering the water cooling intake for the motor. I removed the weeds and
restarted the motor and got a steady stream of water out of the cooling
water discharge hole. Even though this seemed to be a minor engine overheat,
I think I may of done some real damage to the motor.

The motor is now leaking oil all over inside the engine cover. I can't see
where it is coming from but it is also draining into the lake and the motor
is also now blowing quite a bit of blue some at start-up and at idle. The
motor still runs great at high speeds. I am praying that this is a minor fix
but I am really worried it is major.

ANY ideas on what might be wrong would be GREATLY appreciated!!!!

You know, it sure would be nice if an alarm would go off in the boat BEFORE
the damage to the motor has already been done!!!!!!!


God Bless,
Jim