yup. I had the same problem. http://www.x-h2o.com/threads/27472Solenoid stuck
Bone dry, but when I got the ski it had bad problems in there with mosture and burnt wires.Cranking with a low battery can cause the solenoid to arc and weld itself closed. Do like others said above and disconnect the start switch and see if it starts to crank when you connect the battery. If so replace the solenoid and make sure the E box is dry.