Took my boat out today for a cruise and when I gave it WOT, it sounded like
my prop fell off (it didn't)- RPM's went high and I went no where. Smelled a
burning rubber smell from the back of the boat. Was able to idle back to the
dock - about 3 miles.

Its an '85 Alpha One sterndrive mated to a 470.
What is the diagnosis, parts needed for a fix, and time/effort involve? I do
have a shop manual and am mechanically inclined. My guess is its some kind
of clutch assembly.

THANKS!!!