need help, magneto wires started on fire!

[bryan13]

well i was out on the water, and all of a sudden, my boat makes the most annoying sound in the world, a constant beep! it was sooooo loud and annoying, i unhook the batteries and let it sit for a minute, hook them back up and went right back out, ran great, got home started to clean and what not and i notice all of my wires coming from my magneto are completley fried!, everything going to the conector is just fried, and one wire, which i beleive is a nuetral, is fried up into the computer box, any ideas on what it could be? i have a spare magneto in my garage thats almost brand new that i got off a jet ski, am i better off changing the magneto out and just redo the wiring? or is it possible the magneto is good and the wiring just needs to be replaced, also i was not getting any spark at all