RedactedNarrative: Operator 1 (O1) put the boat, a 1996 Celebrity Firestar, on the water around 1745 hours. O1 said the boat ran well. O1 said the boat was operated at some high speeds.  About 30 minutes after starting, operating at about ¼ throttle maybe 15-20mph, O1 smelled “electrical hot”. The motor misfired. O1 then noticed the smoke from the motor cover. O1 said other boats came over and threw O1 additional fire extinguishers. The owner who was also on board threw the children into the water and got in the water. They swam to the other boats. O1 stayed on board the boat fighting the fire. O1 used two fire extinguishers (1 ABC and 1 BC) and buckets of water to put out the flames. One of the other boats towed the damaged boat to shore.