I'm having a problem with my 2005 Wakesetter. Every now and then when the boats moving, the oil guage on the main dash (don't know if it's pressure, level, etc.) will shoot down to zero and a beeping sound with start. Then after usually 10 or 20 seconds, the beeping will stop and the guage will go back to a normal level. What's causing this? Is it the actual level dropping or just some problem with the sensor? And, is it easy to fix?

Check your filter and make sure it's on tight and you're not spraying oil all over the engine compartment...

Confirm the oil level in your engine is ok. I had this issue in my 05 VLX and the engine oil was extremely low when the alarm sounded. According to the mechanic Malibu had an issue in 05 with sticky engine valves. They flushed the engine and it's all good now.