If dlochner's post is identifying the hole, I would suspect someone was draining water. The question would then be does the hole go into the bilge or is it only in the the fairing material around the keel? If it is not through to the bilge, then clear away the surrounding fairing compound and refair. If it goes into the bilge then plug it from the inside with West Epoxy making sure it seeps all the way through. A syringe might help with that.