This past Sunday I had my high water temp alarm sound. This occurred on my way back to the marina after running 30-40 minutes at medium RPMs. (Wasn't monitoring to know exactly). I have checked all the obvious items and have received a few more ideas from various threads I've read on the topic that I will check but in the meantime I'd like to run these details past you guys. While out on the water I shut it down immediately when the alarm sounded. When it cooled enough to allow me to pull the HE cap I found no coolant in the top of the HE. I added about 32 oz of water which brought the level to the top. I was able to motor about 10 minutes under low rpm before the alarm sounded again. Again, no fluid showing in the HE. The next day after checking all the obvious areas in the raw and fresh systems, I ran her at the dock in forward gear at low rpms with and without the thermostat for 30-40 minutes each time. No issues. The heat exchanger got hot but not too hot to touch. The elbow remained cool. (I seem to recall reading that the elbow should warm a bit). I was able to remove the cap with a rag almost immediately after shutting the engine down and I still had fluid level in the HE. Curiosly, I left the boat to return about two hours later and found the engine still hot and the elbow hot where previously when I first shut it down it was cool. Additionally, I rechecked the fluid level in the HE and found it to be dry!! Would the normal heat from the engine transfer to the elbow once coolant is no longer flowing? I'm worried I may have a head gasket issue. I see no signs of fluid leaks but it's going somewhere. When I pulled the thermostat after returning to the dock and the engine completely cooled down, the fluid level was right to the top under the thermostat. Looks like I'm loosing coolant into the exhaust but I ran the engine without the thermostat to insure coolant was passing from the engine to the HE and the level in the engine remains ok. One other thing - when I checked the flow of fluid through the HE I observed a stream flowing through a hole approximately 1/16th inch in diameter. I will need to double check, but there didn't seem to be an observable flow from the main body of fluid, rather this almost jet like flow out of the tiny hole. I'm not sure what the flow should be under low rpm. I realize these thoughts are somewhat out of sequence but hope someone can shed some light on my situation base upon my comments. Thank you in advance!!