RedactedNarrative: Subjects were fishing in a 1954 wooden 16' boat when the boat began to take on water at the stern.  A couple of waves have come over the back and the boat started taking on water rapidly.  They both put on pfd's and waved to a nearby pwc for assistance.  Their boat sank, with only the bow sticking out of the water.  The pwc operator took them to the nearest shore where they asked for assistance.  Cedar lake police department and fire department responded.  The fire department launched their boat and put marker buoys around the submerged boat.  I used our dnr patrol boat to pull the submerged boat to the public launch and it was placed on a trailer.  The boat's wooden hull was severly deteriorated, and i found multiple spots on the hull where water was coming out.  The boat is considered a total loss.  Both subjects were ok, and did not have any injuries to report.