Pump?
I dont' think it would be coming from your engine's (water pump) pump that is used to circulate water through your ride plate. That's where the heat exchanger is for your closed loop system. I think it may be coming from your open loop system, which recieves water from your "Jet Pump" when it's in the water. Or the water hose when it's out. On land, engines tend to run well with the water hose because your not putting the engine under a load. Your not building water pressure with your jet pumps water nozzle. In the water, with WOT (wide open throttle), you can build a good bit of water pressure on your exhaust system. If there is a weak area on one of the gaskets, at peak pressure, this gasket can allow water to flow in where it shouldn't. Like the way a head gasket on your car motor seperates the water and oil side from the combustion chamber. Things get hot and expand and if the gasket has been damaged, then the water will pass through.
If your coolant level isn't droping, then it's going to be your open loop system. I think we've already covered that. There are a series of air test. I think I've told you about them too. These test are used to determined that all the liquid and gas systems that travel along with each other but are to remain seperate from each other, are indeed being kept seperate. If you've got a mechanic, ask him about the air test on your cooing system to the exhaust. He should know how to do it and it shouldn't cost you an arm and a leg. It's not that hard to do with a standard hand pump. Don't quote me, but I think the test pressure was 10 psi.
Good luck and I hope this is of some help!