DropShotBob

Don't know much about outboard motor so any help would be greatly appreciated. I have a 2008 Lund 1625 Rebel XLSS equipped with a Mercury 60HP 4 stroke outboard. The boat was purchased new in Nov. 2008. The motor was broken-in following the engine break-in procedure accordingly. Up to date I have put in about 25 hrs to the motor. I haven't had the motor running for any long period of time at low RPM for trolling and I've never ran the motor over 5500 RPM at full throttle. I haven't had any problems with this motor, well at least not until yesterday. Yesterday, I decided to take the family out fishing. We got to the lake, I got the boat in the water, start up the motor and business as usual. No sign of any problems. I drove the boat about 1/2 a mile up the lake then into a cove where I decided to do my fishing. As I got to my spot, I shut the motor off and used the TM. After about 1/2 an hour of fishing, my wife says to me she smells something burning, like electrical wire burning. I was fishing from the bow and couldn't smell what it was, so I took a couple of step back to the opposite end of the boat to assess. There I can smell what was described to me, not a strong smell, but very obvious. I removed the driveshaft housing, checked the motor and didn't see anything abnormal. That smell didn't sit well with me, so I decided to call it a day and bring her in. As I turn on the motor I noticed white smoke coming out from the motor and an aroma of electrical fire fills the air. I immediately shut her off. Fortunately I had a friend who was in his own boat fishing in the general area. I phoned him over and had him dragged me to the dock. Today is Sunday and most service places are closed so I'll wait till tomorrow to bring it in for check up. I have no idea what the problem could be but I'm very curious to know, so if anyone has any idea what this could turn out to be please let me know. Thank you in advance....