The cooling water probably goes from the engine to the waterlift muffler and then exits with the exhaust out the transom of the boat.
The other seacock may be for a salt water washdown system, a salt water galley faucet, the reverse cycle A/C system, transom salt water shower, or a watermaker if you have one.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.