I was out yesterday and had the boat to almost wot when the rpms shot up, I shut her down and started it back up. Now I'm unable to go more than 1200 rpms. It almost sounds as if you had your foot on a clutch and you were reving the gas. Thoughts?Besides taking a second morgage on the house.

Unfortunately it sounds like it's time for a rebuild. Get a compression test done and you'll know for sure.