Correct, most likely won't hear it in the water. You can localize the noise with a mechanic's stethescope to be on the safe side. I had one making noise out of the water running on the water hose and it drove me crazy till I found it. As it turned out I did a top end overhaul (new heads) and installed new style exhaust (changed from the old OMC one piece manifolds to the later 2 piece style) and they flow water differently so the flappers starting making noise they never made before. Sounded like an engine knock!