Mercruiser 2003 4.3 V6 carberated engine was running fine and started up normal after a moderate run . Was idling in neutral to retrieve anchor and engine shuts of and fan belt came off. Tried to start and heard the engine won't crank and suspected hydro lock. Boated back to slip on other engine. Remove spark plugs and found water in a few cylinders. Remove risers and observe water inside manifold. Drained all water , reinstalled risers and plugs but unable to start . Engine cranks fine , spark is present, fuel is in carb, . Swapped carb , coil and ignition module with working engine but still no start . Checked compression on 1 cylinder was good . Gas is from recent refill and on a common tank with the working engine. Disconnected fan belt to rule out water rentering the engine , raw water cooled systems and drained remaining seawater from engine. Besides checking compression in the remaining cylinders I have no ideas where to look next . There is no sign of starting , no cylinders firing or backfiring.