I added the wrong oil in my 1995 Sea Doo GTX?

my neighbor gave me his 95 Sea Doo. The oil light came on so I asked him what kind of oil he runs. He gave me a gallon of the oil he said he was using. It is NMMA TC-W3 oil, which according to the manual I just read, is an ashless oil and should not be used. I only checked because once I put the oil in the bike it cuts out when I go over half throttle. So I am not sure if that was actually what was in there or if he just handed me the wrong stuff. So now I am unsure of what to do. Can I drain the oil and replace with the right stuff?