Making / Installing a water outletThere are several ways to have the tubing exit the hull. The least expensive and easiest is to drill a hole slightly smaller then the water line you are using and have it directly exit the hull (see below picture). Make sure its well above the water line so that when your boat is running you will be able to tell if the system is working. Remember when installing this type of water cooling system use the least amount of water line with the least amount of bends as possible. This way the boat will weigh less and the water will flow faster. Also keep the tubing away from spinning motor couplers and drive shafts.
Another way of doing this is using a small piece (about 3/4" long) of brass 1/8" or 5/32" diameter tubing and epoxy it into the hull. Then on the inside of the hull, slide the tubing over the brass tubing. You may want to use a small zip tie over the tubing to insure the rubber tubing doesn't slip off the brass tubing!
One of the nicest looking ways to have the water exit the hull is an Anodized Aluminum fitting by OSE (below pictured), But if your on a budget this is one of the places you can save a few dollars and go with one of the other above mentioned methods.