Roger has fairly well nailed it. The problem is the lack of oxygen. The hemoglobin contained in the red blood cells has an affinity for oxygen, but has an even greater affinity (200% more) for carbon monoxide. Even 20PPM in the atmosphere over a long peroid of time will have some effect. I saw patients who were obtaining this level, living near freeways and spending long peroids commuting in heavy traffic. The "natural" release of carbon monoxide is slow (5 to 6 hours for) half of the CO bound in the red blood cells to be released. The first line of treatment is to give the patient oxygen--since the cause of the damage is a lack of oxygen (giving oxygen reduces the half life of the CO to 1.5 to 2.5 hours, and increased the oxygen levles in the red cells). Unfortunately there are only about 400 hyperbaric chambers in the United states, and finding one available at any one time or place can be a problem. (a hyperbaric chamber will decrease the half life of CO to about half an hour) Take the person to the nearest emergency room, get the oxygen started and then the ER doc will determine if a hyperbaric chamber is available. There is a older therapy which is being re-explored--that is giving an increased level of carbon dioxide, to promote increased ventilation. This was first noted in the early 20's--and fell out of favor, but recent studies show that this is of value.
There are acute problems as wall as the chronic problems. The acute problems are mostly neurological and cardiac. For example a person who has chronic lung disease or cardiac disease may be more susceptable to damage from acute CO poisoning. I had a situation where I had to enter an engine room where a diesel generator (yes Diesel does produce CO- but lower amounts than gas) had lost the hose from the exhaust and within several minutes I had a head ache and angina. (Knowing the reason, I got out of the engine room as soon as symptoms appeared)
All carbon monoxide detectors should be duration/concentration sensitative.
I refer to a web article which discusses detectors and CO in airplanes--more critical than boats, but very much the same scenerio:
http://www.avweb.com/news/aeromed/186016-1.html
Also one should test or replace the CO detector every year. Just pushing the "test" button, only tests the electrical circuit and battery, not the sensor. There are CO test kits, which cost about $3.50 (less in quanitity), which expose the detector or known levels of carbon monoxide. I also like a CO detector which has a read out--and is sensitative to low levels. Unfortunately the UL standards for CO detectors was "dumbed down" in 1998 because of too many "false alarms". Even 10 to 30 PPM (below what the usual detector registers) can be a problem for children. At 200 PPM one should evacuate a building immmediately--yet most detectors do not alarm for over 35 minutes at this level.
The CO Experts Model 2002 Low-Level CO Monitor, is the best for a boat, but is a bit over $100. The next best is the Kidde Nighthawk 900-0089 for $40 on up at you local big box store. Both of these give actual read outs in PPM, so you can check the levels.