You can try to fake the pushing of water with this low cost plug-in: Potentializer.
From
http://www.kawachi.zaq.ne.jp/kurozuka/akurodigital/
But you'll also have to facter in by hand through a particle system the water spray and "wake" behind the boat.
For the spray, you may consider using an alpha blended dot texture with this free plugin:
SpritesForPE_Plugin_WIN:
From
http://www.associatedfx.com/plugins.html
The wake may be possible with the potentializer to, but applied to several deforming objects that move. You will have to experiment with that one or you can use Anything Grooves with an animated movie texture to deform the water surface in the form of the wake (and the pushing the water away from the boat effect too).
Probablly generated more questions than solutions with all that above, but let me know if you need more help.
AWBenson