Had an exciting time on the lake yesterday.
Boat seemed a little sluggish heading to the bridge, and the bilge pump kept coming on. Checked and there was an inch or two of water in there but didn't seem to be too bad. On the way back the boat got very slow, the bilge pump wouldn't come on and there was >6 inches of water in the blige. Made it back to the dock at 8mph and looked down and the center floor bilge access door had water coming out and the water was hot as hell. Got the people off the boat, told my kid to tell the guys on the dock we're sinking and can we skip the line to get our boat out. Guy took my keys and backed the FJ up and we got the boat on the trailer by hand. Opened up the drain and a firehose like stream came out. Waited 5 minutes and it was still going so said fuck it and drove home. Got home and it was still draining and left a nice trail down the street and put a few inches of water in the ditch in front of my house.
Based on reading up the Malibu forums it's probably a leak in a water hose on the engine based on how hot the water is. Going to drag it up to malibu in RR and kiss another $k or two goodbye.