150L XR6 wire?

[Jaws_w]

I was finally able to get a new boat and it has a 2002 150L XR6 Outboard. I had the cover off and was looking around before I started to clean it up some and notice a wire coiled up under the carbs in the front. Traced it to the back. It's a white/cream color. The end that was coiled up has plastic connector and red end. What is this? Is it supposed to be connected somewhere? I'll attach some pics for reference.

 

[Jaws_w]

Is there supposed to be a plug in this hole? When I trimmed the motor all the way up after loading a decent amount of water ran out the front of the cowling where all the control lines run.

 

[Faztbullet]

Thats not a wire...it is tubing for water pressure gauge and yes hole is is open.

 

[Jaws_w]

Thats not a wire...it is tubing for water pressure gauge and yes hole is is open.

Thanks. I have loads to learn about this unit.