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I would say that the water pump impeller needs replaced at a minimum. Inspect the water intake screens and make sure they are not clogged first. If they are not clogged it is time to have the water pump serviced/replaced. It is never a good idea to run any water cooled outboard when there is no water coming out the "tell tale" nozzle.
Take a water hose and back feed the pee hole line, you may have something clogged. You will toast your engine in a hurry if you are overheating. Replacing the impeller is a pretty straight forward job and the impeller is only about 20 bucks. There are a lot of posts describing the change, just do a search and read them.