1995 speedster overheating while going slow

[rahlake]

hello all new to this forum, my 1995 speedster was running great until this weekend, noticed the over heat beep was on while slowing down to dock. when i got into the throttle it went away. i started it in the lift with the drives in the water today and water dripped out of the right cooling system bleed hole and nothing out of the left hole, hit the throttle and water sprayed out of both. shut it down and am wondering where to start to look for the problem.