V1 was traveling east in the gulf of mexico towards clearwater pass.  As v1 approached the mouth of clearwater pass the engine stalled due to running out of fuel.  As the vessel came off plane and settled into the water a large wave washed over the transom of the vessel causing it to fill with water.  Waves kept washing over the transom and the water kept filling the vessel.  After several waves crashed over the stern the vessel capsized.  Occupants and operator were thrown overboard before being able to obtain pfd's. Within a couple of minutes rescue vessels arrived onscene and pulled the subjects from the water.  No injuries reported.
CLEARWATER