i think you are right in the oil pressure, the oil got so hot that lost viscosity so it thin and pressure dropped, i do have 8mm blue taylors i like them but i rather had the 10.4 like i had before,
Man, 3 engines in 1 year, ouch, i had bad luck when it came to boats i thought this time was gonna be better, it might be still, my first boat was a 19' Youngblood jet, with a 468 twin turbo intercooled by gale banks, blew the engine running at lake George after being at the Glen, running 12 lbs of boost at the moment my fuel pressure drooped to 3 lbs, booom, vapor locked, engine toast, next boat was a 20' picklefork beautiful boat with just a mild 454, lake was rough and me and my buddy took off to the othe side, my hat blows off so i stop turn around and shut the engine, BIG MISTAKE, water came from the back and in about 10 seconds we were jumping overboard, 3' of the boat was all was floating, arrggg, dahm hat, i should learn by now. I laughed when that happened at least i dint flipped the boat and break my neck.

Dude, some boating tips:

1) Your boat's engine is expensive. If you let it run out of coolant or oil, then REALIZE what has happened, and stop trying to MAKE IT START UP and haul you around while it is wounded. Get out a paddle and let the poor mother rest while you get it on a trailer and figure out what it needs. I keep cringing when you keep on talking about how you kept on and kept on and kept on trying to make it run, so you could keep saying "hmm, sounds really nasty, I think I'll keep on running it".

2) a low profile performance hull needs to be treated with some degree of, how do I say this, awareness. You can turn off the ignition of a Bayliner at speed and even jump out of it while it is still on plane to get your hat, and nothing bad will happen to it. One of those picklefork bigblock ironing board boats is entirely another story. Please tell me that massive beer consumption was involved in that decision - I'd rather think that you were sloshed than to think that you considered it to be a harmless decision to swamp your poor picklefork..

Back to your current boat.

Yes, overheating can cause alarmingly low oil pressure. It can cause it to knock and pop back thru the carb, and to run horribly bad. It can cause the starter to overheat and bind up. It can score the cylinder walls, it can weaken the head gaskets. It is basically not particularly healthy. Generally, an overtemp warning horn will sound unless is has been disconnected by a previous owner or something.

You will need to inspect your impeller even if it is pumping water now. For the motor to have run dry long enough to get in the shape you have described, the impeller will be a sad sight. Plan on replacing it, and if the current one miraculously still has vanes with no cracks, then throw it in the gear bag for an emergency spare (or throw it away and keep a fresh one as an emergency spare).

And keep a short handled fish net in the boat to fish out items lost overboard. (I've lost hats I loved so much I cried over them, but don't lose a boat over it..)

well, im sick today, i pull the spark plugs out and out of one cilinder water came out, the othe cilinder little wet, this is one side of the block, the othe side no water, now, im turning the motor and water keeps coming out of that one side, keeps pumping water out , am i dead?
or any chance that could be something minor, man i 'm not doing good today, 2 weeks from now supposed to go to clearwater and take the boat for a mini vacation and i guess its not happening, any suggestion would be greatly appreciated.
I bought the boat from this guy, and the motor was a 502 crate motor he bought it in july 2003, even though im not the one who bought still should be under warranty right, hope so in case is something major.

I'd start checking head gaskets, common in overtemp conditions.

when i turn over the engine water water comes out of all 4 cilinders, head gasket would do this or maybe 1 cilinder?

I suggest total disassembly and inspection... or you will just be chasing gremlins for a long time..

Wait, hold on before you start tearing things appart. A good majority of the time when you overheat the motor that bad you risk cracking a minifold/headder. You may be getting water in the cyliners from that. Pressure check that first it is the easiest thing to do.

i say pull off the exhaust manifold, turn over the motor and see if there is still water. if no water, run a compression check.
i had a riser gasket go bad from heat, and let water into holes 3 and 5. put the motor back together, still saw evidence of water, changed riser gasket, no more problems.

the guy at the shop told me that my engine is gone, he's taken the exaust and there is water in all cilinders, now he hasn't done a pressure test on it, he says he put the hose through the motor and that water comes out, havent seen it since its late, but shoulnt you put a pressure test to make sure?

You won't be able to do any pressure testing until you verify your headgaskets with a compression check.

If you havent already done so, remove the block drains, pull the plugs out and crank all the water out (with the exhausts off - which it sounds like they already are). Drain the motor oil, dump the filter out or replace with a new one, refill with cheap motor oil and squirt a bunch in each plug hole. Crank the motor over with the plugs out (and the killswitch off) and watch for the oil pressure to come up. You better do this fast or your will rust up things that you don't want rusted up. Get this done soon, then you can take your time and start finding the problem(s).

Once this is done, (and the excess oil has been blown out of the cylinders) do a compression test. Any weird numbers indicate that the heads will have to come off. My prediction is that you will find munched head gaskets.

Your exhaust manifold will need to be pressure tested before you consider reinstalling it.

Headgaskets are a pretty common casualty to obscene levels of overheating.

I would be LEERY of your guy at the shop. Unless he has given you a far more detailed report than you've relayed to us, I am not impressed with his troubleshooting and diagnostic skills.

Warranty? You might be able to pull something off, but if you do, you'll need to post your "story" here for OSO cause it will have to be a mighty good one. I'm pretty sure that GM doesn't warranty their automotive crate motors for damage done from overheating in a boat.