Chadd,
First, welcome to the board. Good group of guys, willing to help.
Agree with the carb comments. If you have a built in tank it is already vented (that little round thing on the side of the hull where the gas pours out when you overfill it). On the water pump (impeller) a 7 year old engine that has sat some (only 50 hours) will probably have dried out the impeller. I would replace it as a matter of course and probably change it out every two or three years. An impeller is one of those things that can put you on the wrong end of a tow rope.
Good luck,
Aches n Pains
Aches n Pains
Fish out of Solomons
21' Sea Hunt Walkaround