Join Date: Dec 2003
Location: Florida Gulf Coast
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Don't throw the drill away just yet... I'd move over to the opposite mount and drill another hole to let the water out.
On a more serious note using a piece of all-thread, fender washers and rubber washers you could fabricate a better fix till you get her hauled.
You start sailing with a bag full of luck and an empty bag of experience. The idea is to fill the bag of experience before you empty the bag of luck.