From what i have learned... (i have the same problem), is that it will beep for 2 reasons that i know of, water or oil. check your waterflow out of the motor, it should be ripping right out with good force. If not, your looking at a cooling problem. Check the impeller, its located in the lower unit of the motor, have you run the engine out of water? or even tuned the engine over quite a bit out of water? if so replace the impeller asap! If its not the cooling its an oil problem. In a lot of cases its an oil sensor, if so replace it fairly cheaply, or it could be that the injection system isnt working properly... this is an expensive fix the engine has to be completely broken down, what i did was just syphon the oil out of the reservoir, and mixed the oil into the fuel! If it comes down to it just mix it 50:1. that way you dont ruin your engine, as far as the beeping, it wont stop it unless its that stupid sensor, i guess just unplug it?