I know I am doing something wrong.

[givie33]

Hello, I am new to the forum and for that matter outboards in general. I recently obtained a 1993 B*** tracker with a 40 hp, 2 cycle Evenrude. The boat was a gift from a dear friend that p***ed away and it always ran perfect .....before I acquired it. I can't seem to get the motor to continue running once it starts. I completed these steps when trying to start: checked fuel, pumped the fuel bulb until hard, pushed in key to choke and turn ignition switch over. The engine starts but acts like it is starving for fuel and dies, also when i push in on the key to choke the motor fuel pours out around the small "red" switch that is mounted around an air fitting outlet, The "red" handle also has a crack that runs through it's outer ring.
Any help would be greatly appreciated.