Soccer
Toss a floating ball in the water. Decide on a goal line or goal area on both sides of the playing area. Split up into teams. "Kick" the ball around with your boats. Try to knock the ball into the other team's goal. Keep track of points. Choose how many points it will take to win the game. Alternately, choose a game duration -- whichever team scores the most number of points during the game, wins.
Drag Racing
This requires either a long stretch of water or small boats. Set a starting line and a finish line. Start all the boats behind the starting line. On the starting signal, all boats begin racing straight ahead. They each try to reach the finish line first. This requires the ability to steer straight, fast acceleration and top speed, and good starting reflexes. Rough water adds an extra challenge.
Circuit Racing
Race your boats in a circular path, either in a pool or in another body of water. Decide at the beginning how many laps it will take to win. Whoever completes that number of laps first is the winner. Use a fixed object to indicate the finish line. Very long races are possible in this game. During longer races, make sure your boat is well-tuned, since you won't want to have to work on your boat during the race.
Obstacle Course
Put a number of floating objects in the water. Race your boats through this obstacle-strewn area. Alternately, race your boats in an area of water with a lot of naturally occurring obstacles, such as low-hanging trees, weeds or in an area with man-made objects that are already there, such as tires and other junk. Be careful not to crash your boat head-on into anything too hard, to avoid damaging your boats. Don't let your boat get caught somewhere unsafe; you might end up not being able to retrieve your boat.