I presume that you checked the keel "lock bolt". I don'y know if you use it or not. Most folks I know don't use it or have even taken it out and glassed the hole closed. Can you hear the keel when the boat rocks back and forth?Sorry, I have more questions in my mind than answers. First, check out the winch good and make sure something's not jammed there....but don't force it. Then check to see if you can unwind some cable. Sometimes the cable gets jammed, is frayed and jammed or perhaps the rubber hose "volcano" is worn at the top and trying to wind up on the winch. Look real close at that area. I just heard of a guy that happened to. It pulled the hose off of the pipe through the hull and was letting water in fast. He was lucky he noticed it when he did.Then I think I'd have a diver take a good look at the keel and cable and let out some cable and wind it back. He could also see if perhaps you have something fouled at the keel or trunk.Are you moored where you know that you have water under the keel and you're not driving the keel into the bottom? That shouldn't cause it though because of the angle it's on when it's down.Just a few things to think about until a real guru comes along.JonHappy Daze