Use Marine Oil, and use Don't chance it. The engine is the most expensive and most crucial part of your boat. The price difference between marine oil and automotive oil will be worth it if you don't use the right stuff and end up ruining your engine. Price an engine recently?
This is from the Mercruiser Website.
MerCruiser Frequently Asked Questions:
What type of engine oil should I use? Can I use synthetic oil?
To help obtain optimum engine performance and to provide maximum protection, we strongly recommend the use of the following oils listed in the order of recommendation:
MerCruiser / Quicksilver Synthetic Blend, NMMA FC-W rated, 4 cycle oil.
MerCruiser / Quicksilver 25W40 NMMA FC-W rated oil.
A NMMA FC-W rated oil.
MerCruiser / Quicksilver 4-cycle 25W40, non FC-W rated oil.
A good grade straight weight detergent automotive oil per the operating chart below.
NOTE: The use of non-detergent oils, multi-viscosity oils (other than as specified), non-FC-W rated synthetic oils, low quality oils or oils that contain solid additives are specifically not recommended.