Engine missing and dying at low speeds

[weatherby]

I have a 50 HP 2 stroke Yamaha outboard. It has started missing and dying at low speeds and idol. I noticed the motor smoking more than usual and at one point an alarm went off. Water is going through motor, and didn't seem to need oil. Any ideas?
Thanks.
Ed

[boats.net]

Need to run a compression test, check for spark at plugs, replace spark plugs and fuel filters, may need carbs cleaned. May need new water pump if alarm is going off.