RedactedNarrative: Operator of V1 was cruising westbound out of Melbourne Harbor in the in and out going channel six Florida Institute of Technology (FIT) student passengers in FIT's 24' cabin sail boat. Winds were blowing in a westward direction at 15 to 20 mph. Once at the last channel marker exiting Melbourne Harbor the vessel took on water in the cabin from three small holes or cracks in the hull. The vessel sunk and all seven occupants were taken to shore with no injuries.