Went out yesterday (6/11/05)on my 2004 H33 w/Yanmar 29hp, before leaving the slip I always check the fluids, Raw Water Strainer, etc.. Started motoring out around 2700 RPMs in 8 - 12 knot winds, passed the 5 Knot limit and cranked it up to 3200 RPMs, within 2 minutes the Overheat alarm lit-up and buzzed. I panicked and didn’t know what to do, so I:Dropped the engine into neutral, raised the mainsail and began sailing around the very busy channel. Went below to call SEA TOW and noticed that the alarm stopped. I didn't see any smoke or smell anything. I put the engine in forward, revved up to 2400 RPMs and then made my way back to the slip. When I docked, I noticed that the Anti-freeze went from pink to a rust color. I forgot to check the Strainer to see if anything was in it.I'm wondering what I should have done when the Alarm sounded:Drop Anchor ? If so, where should I ? Call Sea Tow ? Put the engine into Reverse to blow out ? Someone mentioned it, but not to sure what would happen, or what that would do ?I had the engine serviced and all fluids replaced and sailed the previous weekend without overheating and running the engine between 2800 -3600 RPMS for over an hour.Any advice or proper protocol would be helpful.