75 cuddy I/O taking water..HELP?

[SkunkBoat]

Looking at that bellows...I wouldn't get in that boat.

[spareparts]

You shouldn't have to replace the gimbal to replace the bellows. More importantly, check the transom. Take a screw driver handle or a small hammer ans start tapping on the transom, it should sound tight and give a high pitch tap, if you hear a dull thud, you got problems, trim the drive up, lean across the drive and put your weight on it, see if you can notice any movement at the transom to gimbal plate, look at the top and see if you create a gap, if you do, its transom time.