I have a brushed graupner speed 600 in my boat. Ill give you some tips from my personal first boat experience.
1, dont use to big props for the size of motor i did and i saw clouds of smoke.
2, dont use mechanical speed controllers. If you lose signal the servos remeber there last command and if thats full tilt then itl be full tilt into a rock! Use electronic speed controllers they shut down when everything goes t!*s up.
3, dont buy cheap batteries from china they are just dangerous.
4, Use 2.4 ghz radio it saves you a monsterous amount of hassle money and heart ache in the long run.
see what you can find on ebay for motors
I looked at graupner motors on here to get a kinda jist of whats what
http://www.cornwallmodelboats.co.uk/acatalog/graupner_motors.htmlas for whats best that comes down to experience and im still learning
run times vary but with power boats it isnt that long either way. You need a powerful motor yet you dont wanna go mad and over laiden it with batteries to get decent run time because itl make your boat heavy and slow it down completely cancelling out the point of having a big motor in the first place. Ive got 2 batteries and when one goes flat i take it out and put the fresh one in.