Right away I found out this was my problem, as the impeller was all warn and broken to ****. I managed to make it home, and took apart the lower unit to get at the impeller. I noticed that if I was driving at a faster speed the light wouldn't come on, only at lower speeds. I shut off the engine but couldn't figure out what was wrong. Last season when way out on lake Erie trolling my red warning light came on and there was a constant beep at my throttle box.
I am capable of doing minor things and can follow instructions pretty well, but I cant rebuild an engine or anything. I bought a newer model motor (2007 Mercury 25 HP 4 stroke ELPT) as I am not too mechanically inclined.