mercruiser 5.0 ticking noise

Hard to hear the noise in the soundbyte but it could be a collapsed hydraulic lifter. You need to listen at different parts of the engine with a stethescope or good old fashioned screwdriver against your ear to localise the sound.
 
Hi. Sure sounds like the exhaust flappers there. Perfectly normal and most audible around idle-1100/1200 rpm. That’s when they are in a state of only opening momentarily then closing again. Can often be mistaken for an engine mechanical nasty noise.
Easily confirmed as the culprit, if the noise goes away when you give her some more throttle and rpms beyond that stage of operation. Meaning they will be staying open with the pressure of exhaust and cooling water exiting. Best of luck.
 
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