a B-zillion cans of that GREAT STUFF Insulating foam squirted under water into a trash bag for easier removal.
Seriously, I watched a guy do this with the blown-in polysterene insulating foam. A insulation truck pulled up and a long hose went down into the water where the guy had rigged plastic bags inside the cabin. It was a submerged lobster boat instead of a sailboat but I'd assume it's the same. Water out, Air in.