Water leaking from exhaust baffle where meets engine

[B radd]

Hi all new to the thread but looks like you guys are very helpful so hopefully you can help me out. Got a 2005 gtx 4-etc wakeboard edition and when motor is running I have noticed that there is water running out of what I call the baffle where exhaust connects to motor and was out on it for about 20mins then long beep alarm came on and check engine came up on the screen. I can’t see or don’t know if it has a temp alarm but have read could either be too much oil after I changed it or engine overheat or exhaust overheat that I have seen on here. I’m picking exhaust overheat as it’s leaking and we are about 40mins from the boat ramp and only way to get there is to ride it will it do any damage it I do?

 

[B radd]

Also when finished ride there was a fair bit of water in the hull would this cause the check engine beep to come on and does that also mean an issue with water not being sucked while riding?