RedactedNarrative: Operator advised he was adrift near the old Hwy 25 campground when he noticed V1 getting too close to the shoreline.  He started the engine and shifted into reverse, according to him V1 leaped forward and he put V1 back into neutral and shifted again.  This time V1 went into reverse and he navigated the vessel towards the south.  When he began to accelerate he observed smoke coming from the engine compartment. He quickly shut off the engine and used the two on board fire extinguishers to put out the flames.  He also went ahead and dumped water into the engine compartment ensuring the flames were out.   
  
  It is believed there was a leak in the fuel line that allowed fuel to slowly leak and fuel accumulate in the engine compartment; it was also noted that the wiring an basic overall engine maintenance was in very poor condition.  Thus a spark from any of the bare/frayed wires more than likely caused the fumes/fuel to ignite.  The operator did not turn on the blowers prior to starting the engine after sitting for quite some time.