Ya i read wellcraft had issues with the motor mounts and not getting them completely sealed so water seeped through

HELP, engine/transom problem
 

I was driving my 1990 wellcraft 233, mercruiser 250 alpha one, and heard a loud pop. I stopped and the could not get to go. I can start the engine in idle and will run, although my I try to put it in gear, bogs down and dies, If i try and rev the engine, will will get a loud screech. Any idea on what broke?