Only you can determine if you can fix it yourself... it depends on your capabilities. If you do want to be able to work on your boat yourself, getting the shop manual is a good start.
From the diagnostic procedures, it appears that P0118 is an indication the temperature sensor is returning a signal that is out of range. Your sensor might be bad, or there might be a problem with the wiring to it. It could even be unplugged. There are diagnostic procedures in the shop manual you can follow with an ohmmeter to diagnose if the sensor itself is bad. Or you could just "trial and error" replace it and see what happens.
I don't really recommend running in this condition, as you won't know if you do develop a cooling problem, or something else goes wrong, since you will have check engine on all the time.