RedactedNarrative: Operator was traveling south when he heard a loud noise coming from the motor area of V1.  He immediately shut the boat down and looked into the motor area for the problem.  Operator stated V1 was taking on a tremendous amount of water at which time he and his passengers evacuated V1.  V1 continued to sink, until all that remained above water was a small portion of the bow.  Once V1 was retrieved from the water and loaded on a trailer, the owner/operator released and raised the outdrive. Upon raising the outdrive a U-joint fell to the ground and there was a large area of damage possibly caused by the drive shaft when the U-joint failed.