The operator of a 23 foot outboard was participating in a Rockfish tournament.  He anchored in rough water on the open Chespeake Bay off Bloody Point.  Two waves swamped his vessel -- the first one flooding the battery compartment and shorting out the bilge pump.  He and the two other occupants donned PFDs as the boat submerged with only the bow out of water.  Another fishing vessel picked them up with no injuries and SEA TOW retrieved the boat.  Estimated damage to the engine and electronics was $2000.
Tilgman