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Hoopskier is right on!
http://skidim.com/prodinfo.asp?number=RA080018
That is the fuel pump I have for mine. Yours is fuel injected and mine is carbed.
I've never dumped water on mine, but I know people do and the wires are connected to the bottom of it so I don't see it as a good idea.
I've never seen a fuel injected motor in person so I'm not too familiar with some of the components on them compared to mine.
The first pic I saw of that "J" shaped tube coming off I thought it was just an inline fuel filter, but I couldn't tell since the pic wasn't too great.
It is very possible that you are experiencing vapor lock....
See what happens next time you use the boat.
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Thanks Aaron as well! Also, thanks for the link to the skidim.com site.