Does the oil on the dipstick look milky? If it is, get it changed quickly. Use cheap oil because you're going to want to change it again (maybe twice)
Take your time and eliminate potential causes without causing more problems. Read Neil's thread "Trouble shooting is a process, not guessing ".
http://www.moyermarine.com/forums/sh...ad.php?t=10222
Then take a logical approach. Others with a lot more knowledge than me will be along shortly!