[billyfitz]

Today is the first day I've cranked the boat in over a year. Both batteries were dead so I replaced them, turned the ignition on and checked all the gadgets and lights. It cranked right up within 3-4 seconds and after running about 20 seconds or so this very high pitched alarm sounds off in a steady stream. I had already checked the oil, had the water hose hooked up to it, the engine compartment was wide open so I closed it but the high pitch sound continued. The sound is coming from the dashboard area and it happens every time I crank it. Don't find any solutions in the owners manual.
Any ideas?

The oil pressure gauge is dead center at 40 and the engine temp is just under the midpoint of 175.

[Hudson River Steve]

Most likely outdrive gear oil level is low.

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[GregT]

Like Steve said, if your oil pressure is good and temp not hot, then most likely low gear oil in the outdrive.