Water Logged Foam... What are my options?

Hi All-
Back from the lake with pics of my boat.
I also noticed that water is starting to seep out of the foam area, which makes me thing the leak is coming from the outside instead of the inside (since it's below waterline while sitting there). If there is a chip in the gel coat under water, will that let water into the hull? It's possible the outer layers of fiberglass are exposed to the water in a couple small spots - I have to check it out again...
Thanks.
Chris

just to add to the comments, i cut up a boat Friday and the last time it was tagged was 1995, i hit a spot on the transom and about a gallon of water poured out, the top was solid but once i got near the gimble it was wet, probably that way for years. keeping these and all boats dry as possible is key to the longevity of the boat, inside storage, pull the plug everytime out, leave off the cover on sunny days etc..

Hah, hah, 74SkiNautique, that's a real laugher. I'm not making fun of you, but that's the way I've treated my boat the last 3 years. Mostly. Bilge coming into the dock, pull the plug out of the water, no water in the bottom by the time I get 25 miles home.

However...

I haven't had inside storage and I've never had a cover over the boat.

But I doubt that's the real problem. These boats are designed to keep water out of the chambers on the outboard side of the stringers. They have a layer of fiberglass under the floor that attaches to the side walls and top of the stringers. It's supposed to channel water that comes in and passes through the plywood floor to the bilge where it can be pumped out.

However, over time, leaks develop and water makes its way into the outboard chambers below the floor. There, it is absorbed by the flotation foam, which, again over time, becomes porous and acts more like a sponge. Once the foam "sponge" becomes waterlogged, it holds the water forever. The chamber now works in reverse of the design. Since there was no good way for the water to get in, there's no good way for the water to get out. There aren't any drain holes through the stringers to channel water back into the bilge. Any holes in the stringers become avenues for rot to develop.

I'm spelling this all out for a couple of reasons. One is to second the notion that it's impossible to be too careful about storing the boat and keeping water out. Another is to nuke the idea that keeping large amounts of water out will forever forestall rot, because the real problem is that once water gets in, it NEVER gets out. Of course, I'm sure frequently adding more water to the stored water can't be helpful.

Comment anybody?

The guy I bought the boat from did the platform - stripped it, stained it, coated with marine spar varnish. It was immaculate when I bought the boat 5 years ago. The edges are wearing and so it's time to refinish it again. That can be another part of this winter's fun!

As far as the foam under the floor goes - that's mainly for flotation, but doubles as floor support, right? If I rebuild the floor, can I put the foam up under the gunnels instead to get the flotation? I like the idea of allowing water to get out of places it shouldn't be... :-)

Thanks for the advice, Sam!
BTW, nice job on your boat - where did you get those speedo faces? Are they Airguide or something else?