Water is coming out outside the boat. (Would be a real problem if it was coming out inside the boat, that is, inside the engine bay.) There is a fiberglass box like structure at one end of which are the two outlets for the exhaust while the other end juts up against the stern of the boat. It is there, at the point where it juts up to the stern of the boat, that water is coming out as well as through the exhaust outlets. I assume that it should all exit at the exhausts and that perhaps some seal has given way and consequently some water comes out here before the regular exhaust exit. Unless it is normal? Not even sure how that box comes off, if it does.
Yes, I assume that the boat still has the silent thunder box.