I used a MM in a boat before with no mods and it was fine. I did however run a thin copper tube (bought at any lhs) over the MM heatsink and just secured it with zip ties. It actually works quite well as long as the copper tube stays in contact with the heatsink. If you can get the heaksink off safely, get one of these:
http://www.offshoreelectrics.com/pro...prod=etti-a044
As for water proofing it... I know the MM's have a splash proof coating, but I'm not sure how taking off the heatsink will affect the coating. How about plasti dip?