I just boat a '95 rage with 115HP in good shape last month. We've had
two outtings of a 2 to 3 hours and the boat has shut down both times.
The RPMs dropped to about 2000 from 4500 when at full throttle before
the engine shut off and wouldn't restart until it cooled off. The
overheat alarm didn't sound, but the second time I noticed that the
thermostat was almost 220 degrees.

Any suggestions on what I should look into?