RedactedNarrative: V1 OWNER DROVE V1 AND MET UP WITH ANOTHER BOAT OPERATED BY V1 OPERATOR.  ONCE THEY MET UP, EVERYONE GOT INTO THE WATER TO SWIM.  AT ONE POINT THEY NOTICED V1 WAS BEGINNING TO SINK SO THE OPERATOR GOT INTO V1 AND ATTEMPTED TO GET IT UP ON PLANE. WHEN HE ATTEMPTED TO GO FORWARD V1 WAS COMPLETELY OVERTAKEN BY WATER.  V1 WAS TOWED TO THE BANK AND UPON INSPECTION IT WAS DISCOVERED THAT THE LIVEWELL DRAIN HOSE HAD BECOME DISCONNECTED AND WAS ALLOWING WATER TO ENTER V1.