Interesting post. Yesterday we took out the SN SJ and the FX1. The FX1 would start and then die and then not start. I popped the hood and my wife said "look it's smoking." And sure enough the "radiator"-type hose that goes from the metal muffler to the waterbox had popped off the muffler. I put it back on and the ski did the same thing. It started then died.
The reason it was dying IMO was that the carburetor couldn't get air, it was getting exhaust which was depleted of oxygen.
So, I beached the ski. Left the hood off, and gently ran the engine until all the water which apparently had collected in the waterbox was pushed out the exhaust.
Something had to give. The waterbox was full of water and the exhaust couldn't get out.
No doubt if I had punched it with the hood off, or if the "radiator"-type hose hadn't popped off the muffler, my waterbox would have exploded like yours...
We skied again today, with no issues.
But I am going out right now to loosen the hose clamp which holds the "radiator"-type hose on the muffler.