There is still water coming out. But no hot water and the overheat light is coming on. All pipes are clear and water running freely

Assuming you are talking about a water heater. The over temperature indicator is a safety feature that indicates that a thermostat has fail to turn off when the desired temperature has been reached. Reset and see what happens. Possible one time failure but most likely you have a defective thermostat. Could be a defective over temperature indicator. If indicator comes on again before water gets hot over temperature is defective.