Assuming you've had the boat out quite a few times and all was well, and now you've encountered this problem...........

Do the following test/procedure a few times:

When this problem takes place, apply a little pressure to the oil primer bulb. If the alarm ceases BUT soon comes back on again, that would be caused by either a failing VRO pump OR air in the line.

Prime the oil line as follows. If the problem continues to exist, I would consider the VRO faulty.

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(Priming The VRO Pump)
(J. Reeves)

When hooking up or installing a VRO whether it is a new or original VRO pump, it must be primed in order to dispel any air that might be in the oil line.

Have the Oil line attached to the engine fitting BUT detached from the VRO. Add a piece of fuel hose if necessary to the oil line so that it can be aimed into some sort of container.

Pump the oil primer bulb, catching the oil flowing out of the line into the container until you are absolutely sure that you have rid the oil line of every bit of air that might have been trapped there.

Now, connect the oil line to the VRO and secure it. When the oil line is secured, apply pressure to the oil primer bulb ONE TIME only. That's it.

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1995 ocean runner 150hp oil alarm

The boat was used on the water the week before. We went thru about ten gallons of fuel. No earlier use this year. The hot engine horn went off three times while at the dock. The first two times it lasts ten to fifteen seconds and quit. The third time the horn stayed on long enough for me to get in the boat on shut the engine off. Once we had our bait I fired up the engine, idled out of the marina, and gave it throttle to get on plane. The engine didn't get on plane as easy as it did in the past. I gave it full throttle and the boat planed out. The engine cleared up an ran like it used to after five to ten seconds of being on plane and the boat run flawlessly the rest of the trip.
The oil squeeze bulb is the original and hard as a rock, probably from being twenty plus years old.
What is the cost of the replacement oil pump?

Yes, I know the oil primer bulb is always hard as a rock but squeezing it will normally cause the warning to go silent if the VRO is problematic in the oil section. Sorry, I have no idea of the VRO's cost... any dealership can advise you of that outrageous firgure.