Foam is there to keep the boat in an upright position (no capsizing). It's not a guarantee that the boat will not sink, since the weight of the boat and items aboard (engine, etc) can effect that. Note that ALL foam will eventually become waterlogged if exposed to water, even the so called closed-cell type. However it will take years if not decades. When I redid my V21, after I removed all the old foam, I made sure all compartments that had new foam in them were sealed as best as possible to prevent any water intrusion.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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