In any alarm system, when an alarm occurs there are four possibilities:
--there is an alarm condition, a sensor has detected this fault, the alarm system is working properly, and the alarm sounder is working properly; there is a valid alarm;
--there is no alarm condition, a sensor has malfunctioned and is falsely signaling an alarm; the alarm system and sounder are working properly, but this is an invalid alarm; or
--there is no alarm condition, all sensors are working properly, but the alarm system has malfunctioned and is signaling a false alarm condition; the sounder is working properly, but this is an invalid alarm; or
--there is no alarm condition; all sensors are working properly, the alarm system is working properly, but the alarm sounder has malfunctioned and is sounding a false alarm.
From your narrative you describe an alarm condition that is signaled before the engine is started. Check the alarm system--sorry but I don't know the details of your particular Mercury engine--to see what possible sensors could indicate an alarm before the engine even started. For example, if there is a low-oil-reservoir-level sensor, maybe this condition is signaled immediately upon application of electrical power to the engine.
Usually the cadence of the alarm sounder in interpreted to identify which sensor is operating the alarm. Check the alarm system--sorry but I don't know the details of your particular Mercury engine--to see which sensors signal with what cadence. Usually an over-heat sensor is a steady BEEEEEEEEEEEP. A BEEP BEEP BEEP usually comes from something other than overheat.
To test the system, disconnect the sensors one at a time. See if you can identify the sensor causing the alarm. If no sensor seems to be signaling an alarm, then move to the alarm module itself. I think you can find many prior discussions about alarm problems with Mercury outboard engines in the archives of the old forum in which the alarm module was the cause of false alarms. I don't now of a procedure to test the alarm module, other than to disconnect the sensors from it.
Finally, it is possible that the sounder itself has failed and is causing this alarm.
Here are a few prior discussions. Your inquiry is not the first on the topic of BEEP BEEP BEEP from a Mercury outboard:
https://www.google.com/webhp?sourceid=c ... EP+MercuryIf the alarm is associated with the oil-gasoline fuel mixing system, you should read
http://continuouswave.com/whaler/refere ... ction.htmlThe above will give advice on alarms and testing.