Originally Posted by Dave_E
The smell is from the exhaust. No leakage anywhere around the motor, oil, water or fuel. Doesn't smell like burning rubber, but will take a look at the exhaust path (amazingly long).
Dave E... to be clear, we're talking about the last fitting before it goes to hose, just where the cooling water mixes with the exhaust stream. Of course it's also possible you have a leaky connection at the muffler or elsewhere, but a water leak will usually accompany a problem there since the exhaust is wet by that time.
The elbow is usually right off the exhaust manifold, with a smaller water line connected to the side that takes your RW cooling water and injects it back into the exhaust to cool and quiet it.