I love that book! I read it when I was a kid (3rd grade!) and just finished re-reading it to my wife last Saturday. I couldn't stop laughing the whole time.
Any ideas on what was wrong with the boat? My wife and I decided there was probably a major design flaw in the hull- such as spacing the planks wrong, or using the wrong wood which makes it impossible to seal up. Of course, the fact that it was built new for a cost of $200 doesn't speak very well towards it's quality.