</font><font color="blue" class="small">( I've operated our Johnson 40hp outboard motor on our Boston Whaler for tens of thousands of hours in salt and fresh water since 1966 and it still works great.
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It might work great, but there's no way you've operated it for tens of thousands of hours. You would have to have operated it a thousand hours per year for the past forty years. A thousand hours is six months of full time work. Methinks you might be overstating the number of hours just a bit. /forums/images/graemlins/wink.gif
Anyway, in my opinion the number one killer of outboards is loss of compression due to improper mixing of fuel and oil or improper carb adjustments or a broken gasket allowing air in or just plain dirty carbs. This is followed closely by inadequate cooling. I've also noticed that the smaller the engine, the longer they last. Big block v-6's regularly crater long before 10 years of life.
If the motor you're talking about runs to your satisfaction and looks like it has been taken care of, then you're probably ok. To be even more sure, after running it you should do a cylinder compression check to make sure the cylinders all read within 10% of one another. Total compression is less important, but if you know what it's supposed to be, that's good info too. Also check the lower unit oil for water.