Tom, thats really a bummer. Sounded all positive at first "fired right up" then the water leaks.
Well on the positive side, like Jason said, you got your moneys worth in parts...trailer, outdrive,carb, ignition, controls and gauges too. Pull all that stuff.
AND
Isnt it great to belong to this club where guys like Jim and Jason come over and help out?! That alone is worth its weight in gold. Well,, maybe not. Gold is going up.
Maybe your son would like the hull. You could pull him in it?
Or dig a hole and plant flowers in it?