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It's a pretty basic flow diagram for the specific motor you may be dealing with. I would just run the water through a heat exchanger and then dump the cooling water out the tailpipes whether they are the above-the-waterlike tips or whether it is into the outdrive system itself. The latter may take a special dril and tap but that should be no big deal.
If you are going to do this send us a diagram if you want some help and we'll comment accordingly.