95 spx leaking and no power

[raurally]

Hi all i am new here but i have a question. i have a 95 spx and i had just taken it out for the first time last weekend and when i put it in it was running at itiol fine but once i took it out and cranked on the gas it bounced off of the rev limiter and didint go faster than itol speed. also it takes on water like nobodys buisness around where the drive shaft goes from the engine compartment through the hull. i am at a complete loss anyone have any help for me?